Bitcoin Climbs 5% This Week Aiming for $110,000

Bitcoin has maintained its bullish momentum this week, starting a fresh climb above the $107,500 zone and aiming for higher resistance levels that could push the price toward $110,000 if momentum holds steady. After gaining pace above the $105,000 zone, Bitcoin comfortably cleared $105,500 and $106,500, flipping them into strong supports. Bulls then pushed the flagship crypto above the $107,500 resistance, testing the $108,800 zone with a local high recorded at $108,792.

At the time of writing, Bitcoin is consolidating gains above the 23.6% Fibonacci retracement level, taken from the recent upswing between the $106,477 swing low and the $108,792 high. BTC continues to trade well above the $107,000 mark and the 100-hour Simple Moving Average, a positive sign for the near-term trend. The hourly chart of the BTC/USD pair shows a bullish trend line forming with crucial support at $107,600. On the upside, immediate resistance sits near $108,800, followed by stronger hurdles at $109,200 and $110,000. If BTC closes above the $109,200 level, momentum could lift prices to the next target at $112,000.

If Bitcoin struggles to move beyond $108,800, a short-term pullback could unfold. Immediate support sits near $107,800, with the first key support at $107,500, aligning with the trend line. Below that, the next buffer is around $107,200, which is near the 61.8% Fibonacci retracement level of the latest surge. Any deeper drop could test the main support at $106,500, while losing this mark might shift the momentum to the bears, exposing BTC to further downside toward $105,500.

Technical indicators show bullish signs. The hourly MACD for BTC/USD is currently gaining pace in the bullish zone, suggesting buying momentum remains healthy. The hourly RSI sits well above 50, another confirmation that bulls still control the trend for now. Major support levels are at $107,500 and $107,200, while major resistance levels are at $108,800, $109,200, and $110,000.

Bitcoin is currently at a pivotal moment, trading near $108,200 and approaching a significant resistance level at $110,000. This psychological barrier has historically capped price rallies, and a breakout above this level could potentially lead to a new all-time high. The Relative Strength Index (RSI) has risen above 58, indicating strong buyer momentum. While trading volume remains stable, it is not surging, which is crucial for a sustained breakout. A daily close above the current trendline could trigger the next bullish phase, pushing Bitcoin into a price discovery mode with minimal resistance until the $112,000–$114,000 zone.

However, this resistance level has previously led to sharp rejections and multiple failed rallies. If history repeats, Bitcoin could retrace to strong support levels between $100,000 and $105,000. A deeper correction might take BTC as low as $90,000, aligning with the 200-day moving average, a common target during panic sell-offs and profit-taking. The implications of a successful breakout are significant. It would reinforce Bitcoin's narrative as digital gold and reignite bullish sentiment. Conversely, another rejection could lead to a prolonged correction, testing market confidence once again. As Bitcoin stands on the brink of a major breakout, traders are closely monitoring its movements. Whether BTC reclaims higher ground or revisits key support levels will likely set the tone for the months ahead.

Analysts have noted that a critical support level around $104,000 has emerged, corresponding to the lows of the week. This support level is crucial for maintaining bullish momentum. If bulls can hold above $105,000, Bitcoin could rise by up to 5% this week, with a potential target range of $110,000–$112,000. This bullish momentum could push the BTC price to a maximum of $110,500 by the end of next week, provided the support levels hold. The current market dynamics suggest that Bitcoin is testing key support zones, and a successful breakout could lead to a parabolic pattern with targets exceeding $300,000. However, it is important to note that these are analyst forecasts and not guaranteed outcomes. The actual price movements will depend on various factors, including market sentiment, regulatory developments, and global economic conditions.