Bitcoin surges 5% to new all-time high above $110,000

Bitcoin's price has surged to a new all-time high, surpassing the $109,000 mark. This upward momentum began with a fresh increase from the $104,200 support zone, where Bitcoin formed a base and cleared the $106,000 resistance zone. The bulls drove the price above $107,500 and eventually pushed it past the $109,000 resistance zone, reaching a new peak near $110,698. Currently, Bitcoin is consolidating gains above the 23.6% Fib retracement level of the upward move from the $104,270 swing low to the $110,698 high.

Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average. A key bullish trend line is forming with support at $107,800 on the hourly chart of the BTC/USD pair. If Bitcoin clears the $110,850 resistance, it could gain further bullish momentum. The next key resistance levels are at $112,000 and $112,500. A close above $112,500 could send the price higher, potentially testing the $113,800 and $115,000 resistance levels.

However, if Bitcoin fails to rise above the $112,000 resistance zone, it could start another correction. Immediate support on the downside is near the $109,000 level, with the first major support near the $107,500 level. The next support is near the $106,500 zone, and any further losses might send the price toward the $105,000 support. The main support sits at $104,200, below which Bitcoin might gain bearish momentum.

Technical indicators suggest that the Hourly MACD is now gaining pace in the bullish zone, and the Hourly RSI (Relative Strength Index) for BTC/USD is now above the 50 level. Major support levels are at $109,000 and $107,500, while major resistance levels are at $110,850 and $112,000.