Bitcoin Surges 1% Above $108,500 as Bulls Target $110,000

Bitcoin's price has recently resumed its upward trajectory, with the cryptocurrency currently trading above the $108,500 mark. This increase follows a period of consolidation, during which Bitcoin cleared several hurdles near $108,000. The bulls have pushed the price into a positive zone above the $108,500 level, with a break above a key bearish trend line with resistance at $109,350 on the hourly chart of the BTC/USD pair.

The price gained pace for a move above the 50% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low. Bitcoin is now trading above $108,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $109,750 level, which is close to the 76.4% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low. The first key resistance is near the $110,000 level. A close above the $110,000 resistance might send the price further higher, potentially testing the $112,000 resistance level. Any more gains might send the price toward the $113,200 level, with the main target being $115,000.

However, if Bitcoin fails to rise above the $110,000 resistance zone, it could start another decline. Immediate support is near the $108,800 level, with the first major support near the $108,350 level. The next support is now near the $107,250 zone. Any more losses might send the price toward the $106,400 support in the near term. The main support sits at $105,000, below which BTC might continue to move down.

Technical indicators suggest that the MACD is now gaining pace in the bullish zone, while the RSI for BTC/USD is now above the 50 level. Major support levels to watch include $108,800, followed by $108,350. Major resistance levels include $110,000 and $110,500.

Bitcoin's price has shown signs of hesitation near the $108,000 mark, with a breakdown below $107,000 potentially triggering a test of the $105,000 level. This retesting of support levels is not necessarily bearish but indicates a period of consolidation before the next potential rally. The price movement saw Bitcoin fall to support above $107,000, threatening bulls' plans for a retest of the all-time highs near $112,000.

The current price action and market conditions indicate that Bitcoin is at a critical juncture. The support levels at $107,000 and $105,000 will be crucial in determining the short-term direction of the market. If these levels hold, Bitcoin could potentially resume its upward trend. However, a breakdown below these levels could signal a deeper correction. The behavior of whales and the overall market sentiment will play a significant role in determining the outcome.

In the short term, Bitcoin is caught between consolidation and breakout. If buyers defend the trendline and the RSI begins to rise back above 50, we could see a retest and breakout above $109,000. That would shift momentum bullish again, targeting $112,000–$115,000 by mid-July. However, if the ascending support breaks with strong volume, the $103,343 level becomes a magnet, and the market could slide further to the $100,000 psychological zone—a classic support flip area.

The persistence of the $110,000–$112,000 cap could lead to a dip toward the $105,000–$108,000 range, historical rejection levels suggest a possible 3–5% pullback. The market conditions imply that Bitcoin may soon retest lower support zones in the $106,000–$107,000 range before attempting another upward move. This retesting of support levels is not necessarily bearish but indicates a period of consolidation before the next potential rally. The price movement saw Bitcoin fall to support above $107,000, threatening bulls' plans for a retest of the all-time highs near $112,000.

Bitcoin's price has been moving slowly around the $107,000–$110,000 range, with attempts to break above $110,000 being rejected. This ranging behavior suggests that the market is currently in a state of indecision, with neither bulls nor bears gaining a clear advantage. The current price action and market conditions indicate that Bitcoin is at a critical juncture. The support levels at $107,000 and $105,000 will be crucial in determining the short-term direction of the market. If these levels hold, Bitcoin could potentially resume its upward trend. However, a breakdown below these levels could signal a deeper correction. The behavior of whales and the overall market sentiment will play a significant role in determining the outcome.