Bitcoin Price Bounces Past 105K: Is a Full-Blown Rally Back on the Cards?

Bitcoin's price rebounded after a decline, finding support near $100,000. It then surged past $103,500 and $105,000, indicating a recovery trend. Currently, Bitcoin is consolidating its gains, trading above the 100-hourly Simple Moving Average. A bullish trend line with support at $105,350 is developing on the hourly chart. Immediate resistance is at $106,200 and a more significant resistance is at $106,500. Breaking the $107,600 level could trigger further upward movement towards $108,800, potentially reaching $110,000. Conversely, failure to break $106,200 may lead to a decline, with immediate support at $105,200 and the trend line. Major support levels are seen at $103,500 and $102,000, while the main support level is at $100,000. Technical indicators show a bullish trend, with the MACD in the positive zone and the RSI above 50.