Bitcoin Price Fails at $110K—Is the Rally Running Out of Steam?

Bitcoin price started a fresh increase above the $107,500 zone. BTC is now struggling to clear $110,500 and might correct some gains.

• Bitcoin started a fresh upward move above the $108,000 zone.
• The price is trading above $107,800 and the 100 hourly Simple moving average.
• There was a break below a bullish trend line with support at $109,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh surge if it clears the $110,000 resistance zone.

Bitcoin Price Corrects Gains

Bitcoin price started a fresh increase after it settled above the $105,500 support zone. BTC was able to surpass the $106,500 and $108,000 resistance levels.

The bulls even pumped the price above the $109,200 resistance. A high was formed near $110,375 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $105,477 swing low to the $110,373 high.

Besides, there was a break below a bullish trend line with support at $109,450 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $107,500 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $109,250 level. The first key resistance is near the $110,000 level. The next key resistance could be $110,500. A close above the $110,500 resistance might send the price further higher. In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $115,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $110,000 resistance zone, it could start another decline. Immediate support is near the $108,000 level and the 50% Fib retracement level of the upward move from the $105,477 swing low to the $110,373 high. The first major support is near the $107,350 level.

The next support is now near the $106,550 zone. Any more losses might send the price toward the $105,500 support in the near term. The main support sits at $105,000, below which BTC might gain bearish momentum.

Technical indicators:

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

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

Major Support Levels – $108,000, followed by $107,350.

Major Resistance Levels – $110,000 and $110,500.

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