Bitcoin, that enigmatic and capricious force, has once again ascended above the $108,000 mark. It now lingers, as if contemplating the vast expanse of the $110,750 horizon, a horizon that seems both tantalizingly close and frustratingly distant.
- Bitcoin, in its eternal dance, has taken a fresh step above the $108,000 threshold.
- The price, with a certain stubbornness, remains above $108,000 and the 100 hourly Simple Moving Average.
- A bullish trend line, as if drawn by the hand of fate, provides support at $108,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- Should it breach the $110,750 resistance, the pair might find itself swept up in a wave of bullish momentum.
Bitcoin, that noble and oft-misunderstood currency, found solace near the $107,400 mark and, with a newfound vigor, embarked on an upward correction. BTC, with the grace of a seasoned dancer, traded above the $108,000 and $108,500 resistance levels.
It even dared to spike above the $110,000 resistance, a moment of triumph that was, alas, short-lived. The bears, ever vigilant, sprang into action near the $110,750 level, causing a minor correction that saw the price dip below the $110,000 mark. The price, it seems, had retraced to the 50% Fibonacci level of its recent ascent from the $107,600 low to the $110,742 high.
Now, Bitcoin trades above $108,000 and the 100 hourly Simple Moving Average, with a bullish trend line forming support at $108,800 on the hourly chart of the BTC/USD pair.
On the upside, the immediate resistance looms near the $110,000 level. The first key resistance, a formidable barrier, stands at $110,750. Should it be overcome, the next key resistance might be found at $111,800. A decisive close above $111,800 could propel the price to test the $113,000 resistance level. Any further gains might see the price marching toward the $115,000 level, a prospect that fills both bulls and bears with equal parts anticipation and dread.
Another Drop In BTC?
Should Bitcoin falter and fail to breach the $110,750 resistance, it might embark on another correction. The immediate support lies near the $108,500 level. The first major support, a crucial line in the sand, is at $108,350, coinciding with the 76.4% Fibonacci retracement level of the recent move from the $107,600 low to the $110,742 high.
The next support, a potential resting place, is near the $107,850 zone. Any further losses might send the price toward the $106,500 support in the near term. The main support, a final bastion of hope, sits at $105,000. Should this level be breached, BTC might find itself in a bearish spiral.
Technical indicators:
Hourly MACD – The MACD, that fickle friend, is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level, a sign of caution in the air.
Major Support Levels – $108,500, followed by $107,500.
Major Resistance Levels – $110,000 and $110,750.
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2025-05-28 04:37