Bitcoin’s price saw a notable increase of over 2% in the past 24 hours, according to CoinStats data. The price action is currently showing signs of slowing down but could experience further upside in the coming days. According to technical analysts, Bitcoin’s hourly chart shows a local resistance level around $106,692. While most of the daily ATR has been passed, traders are expecting a more stable trajectory for the remainder of the day.
However, if the price closes at current levels today, there is potential to see a test of the $108,000 mark tomorrow. On a larger time frame, Bitcoin’s price has been steadily rising after a brief false breakout of support level around $103,621. If this upward trend continues, traders could witness further gains potentially reaching the $108,000-$110,000 range.
Looking ahead, the medium-term analysis suggests Bitcoin is approaching resistance at $109,588. If the weekly bar closes near or above this level, a new all-time high might be imminent.