Bitcoin Breaks Resistance: Bulls Eye New Highs as Momentum Builds

Crypto markets roar back to life as BTC smashes through key resistance levels—traders scramble to reposition while skeptics mutter about ’irrational exuberance.’

### The Setup: Why This Rally Feels Different

Unlike past dead-cat bounces, this surge comes with sustained volume and institutional inflows (though let’s be real—Wall Street still can’t decide if crypto’s an asset class or a nuisance). On-chain metrics show whales accumulating, while retail FOMO lingers below all-time highs.

### The Catalyst: Macro Meets Micro

Fading recession fears and a weakening dollar give risk assets wings. Meanwhile, Bitcoin’s hash rate hits new peaks—miners clearly betting on higher prices despite energy costs that’d make a ESG fund manager faint.

### The Punchline: How High Is Too High?

With derivatives markets flashing green and shorts getting liquidated, the path of least resistance points up. Just don’t mention the 90% drawdowns to anyone who bought the 2021 top—some wounds never heal.

Bitcoin Price Eyes Fresh Increase

Bitcoin price traded to a new all-time above $110,000 and recently started a downside correction. BTC tested the $106,700 zone and recently started a fresh increase.

There was a MOVE above the $107,000 and $108,000 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $111,983 swing high to the $106,672 low. Besides, there was a break above a key bearish trend line with resistance at $107,800 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $109,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is NEAR the $110,000 level. It is close to the 61.8% Fib retracement level of the recent decline from the $111,983 swing high to the $106,672 low.

The first key resistance is near the $110,750 level. The next key resistance could be $111,800. A close above the $111,800 resistance might send the price further higher. In the stated case, the price could rise and test the $113,000 resistance level. Any more gains might send the price toward the $115,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $111,000 resistance zone, it could start another correction. Immediate support on the downside is near the $108,000 level. The first major support is near the $107,500 level.

The next support is now near the $106,500 zone. Any more losses might send the price toward the $105,000 support in the near term. The main support sits at $103,200, below which BTC might gain bearish momentum.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $107,500, followed by $106,500.

Major Resistance Levels – $111,000 and $113,000.