Bitcoin continues its upward trend by breaking key resistance levels and setting new records. The market is observing a bullish momentum supported by technical indicators.
Key Resistance Levels Broken
Bitcoin broke above the $108,500 resistance and climbed past $110,000 with over 3% increase. Technical indicators show the cryptocurrency trading above its 100-hourly moving average, with resistance at $108,800 broken. Bitcoin reached $112,000 before entering a consolidation phase.
Growth Targets and Resistance Levels
Market analysts highlight the next resistance level at $112,500. A close above this level could propel the cryptocurrency towards higher targets such as $115,000 and even $116,000. The main target remains at $118,000, representing significant upside potential from current levels.
Downside Risks and Support Levels
If Bitcoin fails to rise above the $112,000 resistance, a downside correction could materialize. Immediate support lies near $110,800, providing the first line of defense for bulls. Major support levels are located at $109,750 and $109,200, as well as the $108,500 level.
Bitcoin's breakout above key resistance levels indicates renewed bullish sentiment. The cryptocurrency's ability to maintain positions above technical support levels will determine whether this rally continues or faces corrections.
