The bitcoin price was trading above the resistance zone of $100,500. BTC is consolidating gains and may aim for a fresh rally above the $105,000 zone.

• Bitcoin began a downward correction from the $106,800 zone.
• The price is trading below $104,000 and the 100-hour elementary moving average.
• There is a connecting trendline with support at $102,000 on the hourly BTC/USD pair chart (data feed from Kraken).
• The pair could start another rally if it stays above the $102,000 support zone.

Bitcoin Price Eyes Fresh Growth

Bitcoin price has started a decent upward move above the $104,500 zone. BTC was able to climb above the $105,500 and $106,000 levels.

Bulls even traded above the $106,500 mark. However, bears were lively near the USD 106,800 zone. The high has been created at $106,833 and the price is now correcting gains. There has been movement beyond the $105,000 level.

There was a move below the 50% FIB pullback level of the upward move from the $101,281 swing high to $106,833. Bitcoin price is currently trading below $104,000 and the 100-hour elementary moving average. There is also a connecting trendline with support at $102,000 on the hourly chart of the BTC/USD pair.

On the other hand, immediate resistance is near the $104,000 level. The first key resistance is near the $105,500 level. A clear move above the $105,500 resistance could send the price higher. The next key resistance could be $106,800.

A close above the $106,800 resistance could see the price rise. In the given case, the price could move higher and test the $108,200 resistance level and a fresh all-time high. Any gains could send the price to the $110,000 level.

More BTC losses?

If Bitcoin does not rise above the $104,500 resistance zone, it may begin a correction. Immediate on-water support is located near the $102,500 level or 76.4% of the FIB pullback level of the upward move from the $101,281 low to the $106,833 high. The first major support is near the $101,250 level.

The next support is now near the $100,500 zone. Any losses could send the price towards $88,500 in the near term.

Technical Indicators:

MACD Hours – MACD is now gaining momentum in the bearish zone.

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

Main support levels – $102,500 and then $101,250.

Major resistance levels – $104,500 and $105,500.