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Bitcoin Surges 2% to $103,500, Eyes $105,000 Resistance

Coin WorldThursday, May 15, 2025 10:46 pm ET

1min read

Bitcoin has initiated a fresh upward movement, surpassing the $103,500 mark. The cryptocurrency is currently consolidating and may target the $105,000 zone. This upward trend began from the $101,500 support zone, where Bitcoin established a base and broke through the $102,500 resistance zone. The bulls further pushed the price above $103,200, indicating a strong upward momentum.

Bitcoin's price has moved above the 50% Fibonacci retracement level of the downward move from the $104,980 swing high to the $101,441 low. Additionally, there was a break above a connecting bearish trend line with resistance at $103,950 on the hourly chart of the BTC/USD pair. This breakout suggests that Bitcoin could gain further bullish momentum if it clears the $105,000 resistance.

Currently, Bitcoin is trading above $103,200 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is near the $104,150 level or the 76.4% Fibonacci retracement level of the downward move from the $104,980 swing high to the $101,441 low. The first key resistance is near the $105,000 level, with the next key resistance at $105,500. A close above the $105,500 resistance might send the price further higher, potentially testing the $106,500 resistance level and even rising toward the $108,000 level.

However, if Bitcoin fails to rise above the $104,200 resistance zone, it could start another correction in the short term. Immediate support on the downside is near the $103,200 level and the 100 hourly Simple Moving Average. The first major support is near the $102,500 level, with the next support near the $101,500 zone. Any further losses might send the price toward the $100,000 support in the near term. The main support sits at $98,800, below which Bitcoin might gain bearish momentum.

Technical indicators suggest that the Hourly MACD is now gaining pace in the bullish zone, while the Hourly RSI (Relative Strength Index) for BTC/USD is now above the 50 level. Major support levels are at $102,500 and $101,500, while major resistance levels are at $104,200 and $105,000. These indicators and levels provide a technical framework for understanding Bitcoin's potential price movements in the near term.

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