Bitcoin Price Stabilizes — Buyers Step In To Prevent Deeper Correction

Ben Graham · Outubro 24

Bitcoin price is attempting to recover above $108,500 and $108,800. BTC could rise further if there is a clear move above the $111,200 resistance.

Bitcoin started a fresh recovery wave above the $108,800 resistance level.
The price is trading above $109,000 and the 100 hourly Simple moving average.
There was a break above a short-term channel with resistance at $108,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move up if it trades above the $111,200 zone.

Bitcoin Price Starts Fresh Increase

Bitcoin price declined again below the $109,000 level. BTC tested the $106,720 zone and is currently attempting a fresh increase. There was a move above the $108,000 and $108,800 resistance levels.

The price climbed above the 50% Fib retracement level of the downward move from the $114,000 swing high to the $106,717 low. Besides, there was a break above a short-term channel with resistance at $108,700 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $109,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $111,200 level or the 61.8% Fib retracement level of the downward move from the $114,000 swing high to the $106,717 low.

The first key resistance is near the $111,500 level. The next resistance could be $112,500. A close above the $112,500 resistance might send the price further higher. In the stated case, the price could rise and test the $113,200 resistance. Any more gains might send the price toward the $114,000 level. The next barrier for the bulls could be $115,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $111,200 resistance zone, it could start a fresh decline. Immediate support is near the $109,500 level. The first major support is near the $108,800 level.

The next support is now near the $108,500 zone. Any more losses might send the price toward the $107,400 support in the near term. The main support sits at $106,500, below which BTC might struggle to recover in the short term.

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 – $109,500, followed by $108,800.

Major Resistance Levels – $111,200 and $112,500.