Bitcoin Price New ATH: Is This Just The Beginning?
2024-12-16
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Bitcoin price started another increase above the $100,000 resistance zone. BTC is up nearly 5% and it traded to a new all-time high above $106,400.
Bitcoin Price Rallies Again
Bitcoin price formed a base and started a fresh increase above the $100,000 zone. There was a move above the $102,200 and $103,500 levels.
The price even cleared the $104,000 level. A new all-time high was formed at $106,487 and the price is now consolidating gains. It is slowly moving lower below the 23.6% Fib retracement level of the recent wave from the $99,250 swing low to the $106,487 high.
Bitcoin price is now trading above $102,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $103,400 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent wave from the $99,250 swing low to the $106,487 high.
On the upside, the price could face resistance near the $105,500 level. The first key resistance is near the $106,500 level. A clear move above the $106,500 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 $110,000 resistance level. Any more gains might send the price toward the $112,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $105,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $103,500 level or the trend line.
The first major support is near the $102,000 level. The next support is now near the $100,250 zone. Any more losses might send the price toward the $98,000 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 – $103,500, followed by $102,000.
Major Resistance Levels – $105,500, and $106,500.