Bitcoin Surges 2% to $107,500, Bullish Trend Intact

Bitcoin has initiated a fresh upward trend, surpassing the $107,500 mark. The cryptocurrency is currently consolidating, with potential for further gains if it maintains its momentum above the $106,500 support level. The price is trading above $107,500 and the 100 hourly Simple Moving Average, indicating a bullish trend. A bullish trend line is forming with support at $107,600 on the hourly chart of the BTC/USD pair, suggesting that Bitcoin could continue its upward trajectory if it stays above this level.

Bitcoin's recent surge has seen it climb above the $105,000 zone, with gains accelerating past the $105,500 and $106,500 levels. The bulls have pushed the price above the $107,500 resistance, testing the $108,800 zone. A high was formed at $108,792, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $106,477 swing low to the $108,792 high.

On the upside, immediate resistance is near the $109,800 level, with the first key resistance near the $109,200 level. A close above the $109,200 resistance could send the price further higher, potentially testing the $110,000 resistance level. Any additional gains might push the price toward the $112,000 level. However, if Bitcoin fails to rise above the $108,800 resistance zone, it could start another decline. Immediate support is near the $107,800 level, with the first major support near the $107,500 level and the trend line. The next support is near the $107,200 zone and the 61.8% Fib retracement level of the upward move from the $106,477 swing low to the $108,792 high. Any further losses might send the price toward the $106,500 support in the near term, with the main support sitting at $105,500. Below this level, Bitcoin might gain bearish momentum.

Technical indicators suggest a bullish outlook for Bitcoin. The MACD is gaining pace in the bullish zone, while the RSI for BTC/USD is now above the 50 level. Major support levels are at $107,500 and $107,200, while major resistance levels are at $108,800 and $110,000. If Bitcoin can maintain its momentum and stay above the $106,500 support level, it is likely to see further gains in the near term. However, a failure to break above the $108,800 resistance zone could lead to a correction, with potential support levels at $107,800, $107,500, and $107,200.