Bitcoin Consolidates Above $108,000, Eyes $110,750 Resistance

Bitcoin's price has recently shown signs of consolidation after a fresh increase above the $108,000 zone. The cryptocurrency is currently trading above $108,000 and the 100 hourly Simple Moving Average, indicating a bullish trend. A connecting bullish trend line is forming with support at $108,800 on the hourly chart of the BTC/USD pair, suggesting that Bitcoin could gain further bullish momentum if it clears the $110,750 resistance level.

Bitcoin found support near the $107,400 zone and started an upside correction, trading above the $108,000 and $108,500 resistance levels. The price even spiked above the $110,000 resistance zone, but bears were active near the $110,750 level, leading to a downside correction below the $110,000 level. The price dipped below the 50% Fib retracement level of the recent move from the $107,600 swing low to the $110,742 high.

On the upside, immediate resistance is near the $110,000 level, with the first key resistance near the $110,750 level. The next key resistance could be $111,800. A close above the $111,800 resistance might send the price further higher, potentially testing the $113,000 resistance level and even rising toward the $115,000 level.

If Bitcoin fails to rise above the $110,750 resistance zone, it could start another correction. Immediate support is near the $108,500 level, with the first major support near the $108,350 level and the 76.4% Fib level of the recent move from the $107,600 swing low to the $110,742 high. The next support is now near the $107,850 zone, with any more losses potentially sending the price toward the $106,500 support in the near term. The main support sits at $105,000, below which Bitcoin might gain bearish momentum.

Technical indicators show that the MACD is now losing pace in the bullish zone, while the RSI for BTC/USD is now below the 50 level. Major support levels are at $108,500 and $107,500, while major resistance levels are at $110,000 and $110,750.

Analysts suggest that Bitcoin's price consolidation could be a sign of a potential breakout in the range. The cryptocurrency's recent price movements indicate that it is currently in a bullish trend, with support levels in place to prevent a significant drop in price. However, if Bitcoin fails to break above the $110,750 resistance level, it could face another correction, potentially testing lower support levels.