Bitcoin has surged to a new all-time high of $107,777, indicating a strong bullish sentiment in the market. The cryptocurrency has shown resilience, trading above $104,000 and maintaining its position above the 100-hourly Simple Moving Average.

Price Consolidation and Potential Increases

Analysts are closely monitoring the price as it consolidates gains, with the potential for further increases if it can maintain its position above the $103,500 support zone. Technical indicators suggest continued strength, with the hourly MACD gaining momentum in the bullish zone and the RSI above 50.

Resistance Levels and Downside Concerns

Resistance levels are being closely watched, with the first key resistance near $107,750. A move above this level could propel Bitcoin toward the next resistance at $108,000 and potentially test the $112,000 resistance level. However, there are concerns about a potential downside correction if Bitcoin fails to break above the $107,500 resistance zone.

Support Levels and Market Sentiment

Immediate support is near $105,000, with further support levels at $103,000 and $102,000. The market sentiment remains positive, driven by technical indicators and investor enthusiasm. Institutional interest in Bitcoin continues to grow.

Focus on Upward Momentum and Establishing Above $100,000

The focus will be on Bitcoin's ability to maintain upward momentum and establish itself above $100,000.