Bitcoin Surges 3% to $105,500, Breaking Key Resistance Levels

Bitcoin has initiated a fresh upward trajectory, surpassing the $106,000 mark and currently trading above $105,500. This surge follows a period of consolidation around the $102,000 support zone, where the cryptocurrency established a base and broke through the $104,200 resistance level. The bullish momentum has pushed Bitcoin above the 50% Fibonacci retracement level of the downward move from $107,042 to $102,100, paving the way for further gains.

The current price action is bullish, with Bitcoin settling above the 76.4% Fibonacci retracement level of the same downward move. A short-term bullish trend line is forming with support at $105,800 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $107,000 level, with key resistances at $107,200 and $107,500. A close above $107,500 could propel the price towards the $108,800 resistance level and potentially test the $110,000 mark, setting a new all-time high.

However, if Bitcoin fails to surpass the $107,000 resistance zone, it could initiate another correction. Immediate support on the downside is near $105,800, with major supports at $105,000 and $104,200. Further losses might send the price towards the $103,500 support in the near term, with the main support sitting at $102,500. Below this level, Bitcoin might gain bearish momentum.

Technical indicators support the bullish outlook, with the hourly MACD gaining pace in the bullish zone and the hourly RSI for BTC/USD above the 50 level. The overall sentiment remains positive, with the potential for Bitcoin to continue its upward trajectory towards new all-time highs.