Bitcoin Price Powers Ahead: Rally Shows No Signs of Slowing
2024-12-17
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Bitcoin price started another increase above the $105,000 resistance zone. BTC is gaining pace and it traded to a new all-time high above $107,000.
Bitcoin Price Extends Rally
Bitcoin price formed a base and started a fresh increase above the $102,000 zone. There was a move above the $103,200 and $104,500 levels.
The price even cleared the $105,000 level. A new all-time high was formed at $107,777 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the recent rally from the $99,251 swing low to the $107,777 high.
Bitcoin price is now trading above $104,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $105,000 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $107,200 level. The first key resistance is near the $107,750 level. A clear move above the $107,750 resistance might send the price higher. The next key resistance could be $108,000. A close above the $108,000 resistance might send the price further higher.
In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $115,000 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $107,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $105,000 level or the trend line.
The first major support is near the $103,000 level or the 50% Fib retracement level of the recent rally from the $99,251 swing low to the $107,777 high. The next support is now near the $102,000 zone. Any more losses might send the price toward the $100,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $105,000, followed by $103,000.
Major Resistance Levels – $107,500, and $112,000.