Bitcoin Surges 3% to $105,500, Eyes New All-Time High

Bitcoin's price has recently surged, breaking through the $105,500 mark and showing signs of further upward momentum. The cryptocurrency started its ascent from the $102,500 support zone, successfully clearing the $103,500 resistance and even pushing above $104,200. The bullish trend is supported by a key trend line at $104,200 on the hourly chart of the BTC/USD pair.

Despite a brief correction below the $105,500 level, Bitcoin has stabilized above $104,000. The immediate resistance is near $105,500, with the next key resistance levels at $106,000 and $107,500. If Bitcoin can sustain its momentum and close above $107,500, it could potentially test the $108,800 resistance level and even approach the $110,000 mark, setting a new all-time high.

However, if Bitcoin fails to surpass the $105,500 resistance, it could face another correction. Immediate support is near $104,500, with major support levels at $104,200 and $103,500. Further declines could see Bitcoin testing the $102,200 support, with the main support sitting at $100,500. Below this level, Bitcoin might gain bearish momentum.

Technical indicators suggest that the hourly MACD is losing pace in the bullish zone, while the hourly RSI for BTC/USD is above the 50 level. This indicates that while there is still bullish momentum, it may be slowing down. The major support levels are at $104,200 and $103,500, while the major resistance levels are at $105,500 and $106,000.

Analysts are closely watching Bitcoin's price movements, as the cryptocurrency's ability to sustain its momentum could determine whether it reaches a new all-time high. The current bullish trend line and support levels suggest that Bitcoin has the potential to continue its upward trajectory, but it will need to overcome key resistance levels to do so. If Bitcoin fails to maintain its momentum, it could face another correction, with support levels in place to potentially limit further declines.