$BTC
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## Bitcoin’s Resilient Recovery
In recent bitcoin news, the cryptocurrency experienced a downturn, testing the support level at $103,200 before initiating a promising recovery. Currently, bitcoin is trading near $105,800, strategically positioned near the 100 hourly Simple Moving Average (SMA). A significant rebound occurred as bitcoin surged past a critical bearish trend line at the $105,000 mark on the hourly BTC/USD chart, as tracked by Kraken.
## Potential for an Upside Break
The recovery witnessed a breakthrough above the 23.6% Fibonacci retracement level from the recent drop from a high of $110,411 down to $103,078. This upward movement suggests that bitcoin might target the $106,800 resistance next. Immediate resistance looms near $106,000, with more substantial barriers at $106,750 and $107,500. Surpassing these could propel bitcoin towards further highs, potentially reaching the $108,000 and $110,000 levels.
## Risks of Another Pullback
Conversely, if bitcoin fails to overcome the $106,750 resistance, it might face another decline. Immediate support is found near $105,000, with crucial subsequent supports at $104,200 and $103,200. A drop below these could push bitcoin down towards the $102,500 support level. The pivotal $100,000 mark stands as the main support, where a breach could intensify bearish momentum.
Technical Indicators:
– Hourly MACD – The MACD for BTC/USD is accelerating in the bearish zone.
– Hourly RSI – The RSI is now positioned above the 50 level, indicating mild bullish momentum.
### Exploring Deeper Insights
For those interested in delving deeper into cryptocurrency trends and trading strategies, visiting Binance can offer extensive resources and information. Additionally, comprehensive articles and updates are available on cryptocurrency news, catering to both new and seasoned investors.
In summary, while bitcoin shows signs of a strong recovery, traders should remain cautious of potential declines if key resistance levels aren’t breached. The market’s next moves will be critical in determining the medium-term price trajectory of bitcoin.
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