Bitcoin Approaches New Milestone: Will It Break the $110,000 Mark?

Bitcoin, the world’s largest cryptocurrency, is once again making waves in the market with its recent upward momentum. After breaking past the $104,000 resistance zone, BTC is showing strong signs of targeting a new all-time high (ATH).

In the past 24 hours, Bitcoin gained significant traction, surpassing $103,500 and moving above the $104,500 mark. This bullish momentum has placed Bitcoin well above the 100-hourly simple moving average, reinforcing investor optimism.

[caption id="attachment_350915" align="alignnone" width="1139"] Source: BTCUSD on TradingView[/caption]

Key Resistance Levels to Watch

Currently, Bitcoin faces immediate resistance near the $107,000 mark, which corresponds to the 76.4% Fibonacci retracement level of its recent downward correction from $109,112 to $100,114. If BTC clears this hurdle, the next key target lies at $109,000. A breakout above $109,000 could open the doors to $110,000 or even $112,500, setting a new ATH.

Support Levels to Monitor

However, a downside correction remains a possibility if Bitcoin fails to maintain its current momentum. The first support lies at $104,500, followed by the crucial $103,500 zone. Any further drop could push BTC towards $102,800, with $100,500 acting as a strong floor.

Technical Analysis

• MACD: The hourly MACD for BTC/USD is gaining pace in the bullish zone, indicating positive momentum.
• RSI: The Relative Strength Index (RSI) has remained above the neutral 50 level, signaling market strength.

Market Outlook

Bitcoin’s resilience above the $104,000 level suggests a bullish trend, but traders should watch closely for movements around the $107,000 resistance. Breaking past this zone could propel BTC to uncharted territory.

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