Bitcoin (BTC) price is continuing to show strength, rising by 2% today.
On the hourly chart, BTC formed a local resistance line at $106,692. As most of the daily trading range has been exhausted, there is a low possibility of significant price fluctuations until market close today.
However, if the closing price is formed at the current level, it is expected that testing $108,000 may be possible tomorrow.
On a larger timeframe chart, it is showing an upward trend after a false breakout of the $103,621 support line. If this upward trend continues, additional increases are expected in the range of $108,000 to $110,000.
From a medium-term perspective, BTC is moving towards the $109,588 resistance line. If the weekly closing price is formed at this level or above, a new all-time high could be expected soon.
Currently, Bitcoin is trading at $106,570.
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