Bitcoin Price Prediction: $110,000 as Key Resistance, $105,000 as Strong Support

Crypto Assets Market Dynamics: After Bitcoin price successfully held above the $105,500 support level, a new pump has started. BTC has continuously conquered multiple resistance levels around $107,000, achieving significant rise.

Current Price Trend and Key Resistance

• Bitcoin Price Trend: Bulls strongly pushed BTC above $108,000 and briefly pierced the $110,000 mark.
• Highs and Consolidation: After the market reached a high of $110,578, it encountered resistance and pulled back. It is currently consolidating near the 23.6% Fibonacci retracement level of the rise from the $105,116 (swing low) to $110,578 (high).
• Target Above：
  • Immediate resistance: $110,000.
  • Key resistance: $110,500 (A successful break above this level will open up further upside potential).
  • Potential Target: After successfully breaking through $110,500, the price may test the $112,000 resistance, and even reach the $113,200 area (Bitcoin Price Prediction).

Downside Risks and Support Level Analysis (Possibility of BTC Pullback)

If the Bitcoin price fails to effectively break through the $110,000 resistance level, it may trigger a pullback trend.

• Immediate support: $109,500 USD and short-term rising price channel trend line (visible on the hourly chart).

• Main support:

  • $108,800.
  • $107,850 area (corresponding to the 50% Fibonacci retracement level of the $105,116 - $110,578 pump wave).

• Deeper Support: If it continues to decline, the price may test the $106,400 support level.

• Strong support: $105,000 (falling below this level may trigger a deeper correction, Crypto Assets trading strategy needs attention).

  

Technical Indicator Interpretation (BTC/USD Hourly Chart)

• MACD Indicator: Located in the bullish zone, but the upward momentum has weakened.
• RSI Indicator: The Relative Strength Index is currently above the 50 level, indicating that the market still has certain momentum.
• Moving Average: Bitcoin price is currently trading above $108,000 and the 100-hour Simple Moving Average (100 SMA).
• Price Pattern: A short-term ascending channel has formed on the hourly chart, the support level is at $109,500.

Key Support and Resistance Summary (Crypto Assets Investment Guide)

• Main support level: $108,800, $107,850 ($105,000 is strong support).
• Main resistance levels: $110,000, $110,500 ($112,000, $113,200 as potential targets ).