- Bitcoin stalls near multi-month high as key upside hurdle tests bulls.
- Overbought RSI, market’s consolidation also restrict further BTC upside.
- Sustained trading above strong supports, bullish MACD signals and industry optimism fuel BTC/USD’s ATH hopes.
Bitcoin (BTC/USD) remains sidelined after hitting the fresh high since late January, mildly bid around $104,500 during Monday’s European session.
The crypto major posted strongest weekly gain of the year after crossing a three-month-old horizontal resistance, now support. However, overbought conditions of the Relative Strength Index (RSI) 14 line and a five-month-long trend line resistance challenge the BTC bulls.
Still, the BTC/USD’s hold above the key supports, bullish signals from the Moving Average Convergence Divergence (MACD) indicator and growing optimism in the crypto space keep buyers hopeful of crossing the $106K hurdle and reaching a new all-time high (ATH).
Technical chart: Daily chart cites uphill battle with $106K
Source: Trading view
Bitcoin faces immediate resistance near $105,800, capped by a trendline from December and overbought RSI (14) line.
A stronger US Dollar, boosted by trade deals with China and the UK, adds pressure on BTCU/USD, making a clear breakout above $106K and the recent high of $109,360 key before bulls can expect a new rally.
If momentum continues, the 61.8% Fibonacci Extension (FE) of August 2024 to April 2025 moves, close to $111,280, followed by the $120K round figure, could lure the buyers aiming for a new ATH.
Alternatively, a horizontal area comprising tops marked since February, near $99,500-$100,200, puts a floor under the BTC prices during a pullback. Following that, Bitcoin sellers can target the 38.2% FE level surrounding $97,200 and 200-day Simple Moving Average (SMA) of $91,600.
BTC/USD: Four-hour chart
Source: Trading view
Looking closely, Bitcoin pullback needs validation from the 21-bar SMA and a five-week-old previous resistance line, close to $103,690 and $101,150 respectively. Also challenging the BTC/USD bears is the 100-bar SMA support of $97,343.
Meanwhile, multiple tops near $105,100-200 can restrict immediate upside of the BTC/USD before highlighting resistances mentioned on the daily chart.
Overall, Bitcoin bulls remain in control, though a short-term pullback remains possible.
