Bitcoin Price Surges Toward $110K — Will It Finally Stick the Landing?

Bitcoin price started a fresh increase from the $105,200 zone.

BTC is now consolidating and might struggle to continue higher above the $110,000 resistance.

Bitcoin started a fresh increase above the $108,000 zone.

The price is trading above $107,500 and the 100 hourly Simple moving average.

There was a break above a bearish trend line with resistance at $106,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh increase if it stays above the $107,000 zone.

Bitcoin Price Regains Traction Bitcoin price remained supported above the $105,000 level and started a fresh increase.

BTC cleared many hurdles near $106,200 to start a decent increase.

There was a break above a bearish trend line with resistance at $106,300 on the hourly chart of the BTC/USD pair.

The pair pumped above the $107,500 resistance level.

It cleared the 76.4% Fib retracement level of the downward move from the $108,792 swing high to the $105,116 low.

Finally, the price surged toward the $110,000 level.

It tested the 1.236 Fib extension level of the downward move from the $108,792 swing high to the $105,116 low.

Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average .

On the upside, immediate resistance is near the $109,400 level.

The first key resistance is near the $110,000 level.

A close above the $110,000 resistance might send the price further higher.

In the stated case, the price could rise and test the $112,000 resistance level.

Any more gains might send the price toward the $113,200 level.

Downside Correction In BTC? If Bitcoin fails to rise above the $110,000 resistance zone, it could start another decline.

Immediate support is near the $108,750 level.

The first major support is near the $108,000 level.

The next support is now near the $107,200 zone.

Any more losses might send the price toward the $106,500 support in the near term.

The main support sits at $105,000, below which BTC might continue to move down.

Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $108,000, followed by $107,200. Major Resistance Levels – $110,000 and $112,000..