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BTC/USD outlook: Bitcoin hits new record high above 110K

BTC/USD outlook: Bitcoin hits new record high above 110K
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD surged through former top and psychological 110K barrier and hit new record high near112K on Thursday.

The sentiment brightened on growing hopes of progress in crypto regulatory that sparked strong demand from big names and pushed the price higher.

Completion of correction from former all-time high ($109528) signals start of new phase of coin’s broader uptrend.

Sustained break above 110K is needed to confirm fresh bullish signal and open way for fresh advance, as the pair is on track for the sixth consecutive weekly gain and second straight strong monthly advance.

Meanwhile, bulls are likely to take a breather while markets digest the new conditions, with limited dips rather to be a positioning for fresh push higher

Broken key resistances reverted to immediate and solid supports, guarding rising 10DMA (105400) where potential deeper dips should find firm ground.

Stronger acceleration above 110K would unmask next key target at 120K.

Res: 111941; 115000; 116985; 117887.
Sup: 110000; 109582; 107090; 105400.

Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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