Bitcoin Bulls Poised? BTC Consolidates Near ATH With Eyes on Higher Highs

Bitcoin price started a fresh increase and traded to a new all-time high above the $111,500 zone. BTC is now consolidating and might aim for an increase toward $113,200

• Bitcoin started a fresh upward move from the $108,000 zone.
• The price is trading above $108,000 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support at $110,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $112,000 resistance.

Bitcoin Price Sets New ATH

Bitcoin price started a fresh increase from the $105,000 support zone. BTC formed a base and was able to clear the $108,000 resistance zone. The bulls pushed the price above $110,000.

The bulls even pumped the price above the $111,500 resistance zone. The price traded to a new all-time high near $111,980 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $104,270 swing low to the $111,980 high.

Bitcoin is now trading above $109,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $110,000 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $112,000 level. The first key resistance is near the $112,500 level. The next key resistance could be $113,200. A close above the $113,200 resistance might send the price further higher. In the stated case, the price could rise and test the $115,000 resistance level. Any more gains might send the price toward the $118,000 level.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $112,000 resistance zone, it could start another correction. Immediate support on the downside is near the $110,000 level and the trend line. The first major support is near the $108,200 level and the 50% Fib retracement level of the upward move from the $104,270 swing low to the $111,980 high.

The next support is now near the $107,200 zone. Any more losses might send the price toward the $106,000 support in the near term. The main support sits at $105,000, below which BTC might gain bearish momentum.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $110,000, followed by $108,200.

Major Resistance Levels – $112,000 and $113,200.