Bitcoin (BTC) Price: Recovery Rally Eyes $110,000 Return
TLDR
Bitcoin price declined to test the $103,200 zone with a low of $103,078 before recovering
BTC broke above a bearish trend line at $105,000 and is now trading near $105,800
Key resistance levels are at $106,750 and $107,500, with potential upside to $110,000
Support levels sit at $104,200 and $103,200, with major support at $100,000
Technical indicators show MACD in bearish territory while RSI is above 50
Bitcoin price has started recovering after testing key support levels in recent trading sessions. The cryptocurrency declined from previous highs near $110,000 before finding support around $103,200.
The decline began after Bitcoin failed to break through the $110,000 resistance zone. BTC fell below multiple support levels including $107,000 and $106,000.
The selling pressure continued as Bitcoin dropped below the $104,000 support level. The cryptocurrency eventually tested the $103,200 zone where buying interest emerged.
A low was formed at $103,078 during the decline. This level marked the bottom of the recent selling wave before recovery began.
Bitcoin has since moved above the 23.6% Fibonacci retracement level. This retracement is calculated from the swing high of $110,411 to the low of $103,078.
The recovery gained momentum with a break above a bearish trend line. This trend line had resistance at the $105,000 level on the hourly chart.
Current Trading Levels
Bitcoin is currently trading near $105,800 according to market data. The price is positioned close to the 100-hour simple moving average.
Immediate resistance appears at the $106,000 level. The first key resistance zone is located near $106,750.
Source: TradingView
The $106,750 resistance level aligns with the 50% Fibonacci retracement. This retracement level is calculated from the recent decline’s high and low points.
Additional resistance could emerge at $107,500 if Bitcoin continues higher. A close above this level might target the $108,000 resistance zone.
Technical Analysis and Key Levels
Further gains could push Bitcoin toward the $110,000 level. This represents the previous resistance zone that triggered the recent decline.
If Bitcoin fails to break above $106,750, another decline could begin. Immediate support in a downward scenario sits near $105,000.
The first major support level is positioned at $104,200. Below this, the next support zone appears at $103,200.
Additional downside could target the $102,500 support level. The main support level sits at the psychologically important $100,000 mark.
Technical indicators present a mixed picture for Bitcoin’s near-term direction. The hourly MACD indicator is gaining pace in bearish territory.
The RSI indicator for BTC/USD is currently above the 50 level. This suggests some bullish momentum despite the recent decline.
Bitcoin is currently trading near $105,800 with the 100-hour simple moving average providing technical reference.
The post Bitcoin (BTC) Price: Recovery Rally Eyes $110,000 Return appeared first on CoinCentral.
Filed under: News - @ June 16, 2025 9:23 am