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Bitcoin Stalls Near Key Resistance Levels
In recent bitcoin news, the cryptocurrency has demonstrated a significant rebound, starting with a surge from the $107,500 mark. However, BTC currently faces resistance near $110,500, raising questions about the sustainability of this rally.
Recent Price Movements
Bitcoin’s journey began with a robust move from the $105,500 support zone, quickly surpassing the $106,500 and $108,000 resistance levels. It achieved a peak near $110,375 but is now seeing a slight pullback. The cryptocurrency briefly fell below the 23.6% Fibonacci retracement level of the recent rally from $105,477 to $110,373. Notably, BTC also dipped below a previously bullish trend line at $109,450 on the hourly BTC/USD chart.
Despite these corrections, bitcoin is still trading above the critical $107,500 mark and remains supported by the 100 hourly Simple Moving Average. It faces immediate resistance at $109,250, with more significant barriers at $110,000 and $110,500. Surpassing these could potentially push BTC towards $112,000 and possibly $115,000 if the momentum persists.
Potential Downturn Scenarios
If BTC fails to break the $110,000 resistance zone, there might be a risk of a downward correction. Immediate support is found near $108,000 and the 50% Fibonacci retracement level. Further support is positioned at $107,350 and $106,550. A drop below these levels could lead BTC to test the $105,500 support, with the crucial $105,000 level below that, which could intensify bearish trends.
Technical Indicators
The Hourly MACD for BTC/USD is losing strength in the bullish zone, while the Hourly Relative Strength Index has slipped below the midline, indicating weakening momentum.
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