Bitcoin Price Uptrend Intact — Extension Likely if Momentum Holds

Bitcoin has initiated a new upward trend, surpassing the $107,500 mark and currently consolidating. The price remains above $107,500, supported by the 100-hour simple moving average. A bullish trend line is forming, providing support around $107,600 on the BTC/USD hourly chart. Bitcoin faces immediate resistance near $108,800, with a potential climb towards $109,200 and then $110,000 if it breaks through. Failure to overcome the $108,800 resistance could trigger a decline, with immediate support at $107,800. Key support levels lie at $107,500 and $107,200, potentially leading to a drop towards $106,500 if breached. The hourly MACD indicates bullish momentum, and the RSI is above 50. A break below $105,500 could signal bearish momentum for Bitcoin.