- Bitcoin hits $110K+, setting a new all-time high and establishing bullish momentum with strong technical support near $106K.
- Technical indicators show mixed signals, with RSI suggesting consolidation ahead and MACD showing continued bullish momentum.
- As investors look beyond cryptocurrencies, the next possible rise could be with altcoins.
Bitcoin has surpassed $110,000 for the first time, setting a new record and showing its ongoing upward trend. The fact that the asset has lifted through several price highs continues to point to strong demand and a robust bull trend that started early in April.
Analyst CryptoMichNLA notes that Bitcoin is above $110K and is still very strong and they are watching the breakout closely because it could push broader movements and altcoin-friendly shifts in the crypto industry.
Price Action and Key Technical Levels
At the time of writing, Bitcoin was trading at $110,470, recording a 3.8% increase within 24 hours. The $106,185 level has been acting as a support zone, while the immediate resistance is now identified at approximately $111,544. According to the latest technical setup, this new resistance may become the next focal point for bulls should the rally continue.
A stable base for continuing upward growth could form if Bitcoin stays above previous highs of the $106,000–$110,000 range. Moreover, if the price remains above $110,000, it could rise toward $115,000 or higher in the next few days. On the flip side, a failure to hold current levels might trigger a short-term retracement, potentially revisiting the $106,000 support or even lower toward $100,000.
Technical Indicators Show Mixed Momentum
Bitcoin’s technical indicators present mixed signals. The Relative Strength Index (RSI) currently at 63.78 suggesting neutral conditions with the level suggesting the market may consolidate before making another strong move.
Moreover, the Moving Average Convergence Divergence (MACD) shows a slight improvement. A recent bullish crossover occurred as the MACD line crossed above the signal line. The histogram too remain in positive momentum though expanding, signaling that momentum is robust.
Bitcoin Breakout Sets the Stage for Altcoin Rally
With Bitcoin setting a new peak, market watchers expect capital rotation into altcoins. It is common for altcoins to rise once Bitcoin stabilizes with a positive rally. Some traders believe that in the coming months, altcoin dominance could rise as investors look for higher profits apart from BTC.
The broader market appears to be in a risk-on phase, and if Bitcoin maintains its strength above $110,000, analysts believe altcoins are positioned for potential outperformance.
