Steinbeck’s Take on Bitcoin’s Wild Ride 🚀💰

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It was the best of times, it was the worst of times, but mostly it was just another day in the world of Bitcoin. The price started a fresh increase, clearing the $106,000 zone. BTC, that stubborn mule of a currency, is now rising and might aim for another increase toward $110,000. Who knew digital gold could be so unpredictable?

  • Bitcoin, ever the optimist, started a fresh upward move from the $102,000 zone. It’s like the little engine that could, but with more zeros.
  • The price is trading above $105,500 and the 100 hourly Simple Moving Average. It’s like Bitcoin’s got a safety net, but a really expensive one.
  • There is a short-term bullish trend line forming with support at $105,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). It’s like a lifeline for the bulls, but with more charts and less water.
  • The pair could gain bullish momentum if it clears the $107,000 resistance. It’s like breaking through a glass ceiling, but the glass is made of digital dollars.

Bitcoin price started a fresh increase from the $102,000 support zone. BTC formed a base and was able to clear the $104,200 resistance zone. The bulls pushed the price above $105,000. It’s like a game of digital tug-of-war, but the rope is made of blockchain.

There was a clear move above the 50% Fib retracement level of the downward move from the $107,042 swing high to the $102,100 low. It opened the doors for a move above the $106,000 resistance zone. It’s like Bitcoin’s got a golden ticket, but the ticket is a chart pattern.

The current price action is positive since the price settled above the 76.4% Fib retracement level of the downward move from the $107,042 swing high to the $102,100 low. There is also a short-term bullish trend line forming with support at $105,800 on the hourly chart of the BTC/USD pair. It’s like Bitcoin’s got a safety net, but the net is made of numbers.

Bitcoin is now trading above $105,500 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is near the $107,000 level. The first key resistance is near the $107,200 level. The next key resistance could be $107,500. A close above the $107,500 resistance might send the price further higher. In the stated case, the price could rise and test the $108,800 resistance level. Any more gains might send the price toward the $110,000 level and a new all-time high. It’s like Bitcoin’s on a rollercoaster, but the tracks are made of charts.

Another Drop In BTC?

If Bitcoin fails to rise above the $107,000 resistance zone, it could start another correction. Immediate support on the downside is near the $105,800 level. The first major support is near the $105,000 level. It’s like Bitcoin’s got a safety net, but the net is made of hope.

The next support is now near the $104,200 zone. Any more losses might send the price toward the $103,500 support in the near term. The main support sits at $102,500, below which BTC might gain bearish momentum. It’s like Bitcoin’s got a safety net, but the net is made of prayers.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone. It’s like Bitcoin’s got a turbo boost, but the fuel is made of charts.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. It’s like Bitcoin’s got a confidence boost, but the confidence is made of numbers.

Major Support Levels – $104,200, followed by $103,500. It’s like Bitcoin’s got a safety net, but the net is made of hope and prayers.

Major Resistance Levels – $107,000 and $107,500. It’s like Bitcoin’s got a glass ceiling, but the glass is made of digital dollars.

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2025-05-20 05:31