The xmrigcryptocurrency market witnessed Bitcoin's impressive surge beyond the $111,600 threshold, marking another historic milestone. Currently trading in consolidation mode, BTC shows potential for further upward movement if it maintains support above $108,500.
BTC initiated its latest upward trajectory from the $106,800 support level
The digital asset maintains position above both $108,500 and the 100-hour moving average
A significant technical breakthrough occurred when BTC/USD surpassed the $107,800 resistance trendline
Market observers anticipate stronger bullish momentum upon conquering the $110,000 resistance barrier
Technical Landscape Suggests Continued Upside Potential
Following its record-breaking performance, Bitcoin underwent expected price correction before finding solid footing near $106,700. The subsequent recovery saw BTC conquer multiple resistance levels between $107,000-$108,000, demonstrating resilient market structure.
Notably, the rebound surpassed the 23.6% Fibonacci retracement level from recent swing highs to lows. This technical development, combined with the trendline breakout, indicates strengthening buyer interest at current valuation ranges.
With BTC currently positioned above $109,000 and maintaining its 100-hour moving average support, attention shifts to the $110,000 resistance zone. This level coincides with the 61.8% Fibonacci retracement, making it a critical psychological and technical threshold.
Potential Price Trajectories Ahead
The immediate resistance cluster appears near $110,750, followed by more substantial barriers at $111,800. A decisive close above this level could propel BTC toward testing $113,000, with extended targets near $115,000 becoming plausible.
Conversely, failure to sustain momentum above $111,000 might trigger corrective action. Initial downside support emerges at $108,000, with stronger foundations at $107,500 and $106,500. The $105,000 zone represents near-term critical support, while $103,200 serves as major structural support.
Technical indicators currently suggest:
MACD shows increasing bullish momentum on hourly charts
RSI maintains position above the neutral 50 level, indicating positive sentiment
Key support levels to watch: $107,500 and $106,500
Critical resistance zones: $111,000 and $113,000
Market participants continue monitoring these technical developments closely as Bitcoin demonstrates both strength and volatility in current market conditions. The coming sessions will prove crucial in determining whether this rally represents a sustained uptrend or requires further consolidation before continuation.
