As a researcher with over a decade of experience in the cryptocurrency market, I have witnessed Bitcoin‘s incredible journey from its humble beginnings to becoming a global phenomenon. The latest surge above the $100,000 resistance zone is yet another testament to its resilience and potential.
The price of Bitcoin surged past its previous resistance point of $100,000 and continued to rise, reaching an unprecedented peak of over $106,400, marking a nearly 5% increase.
- Bitcoin started a fresh surge above the $100,000 zone.
- The price is trading above $102,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $103,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $102,500 support zone.
Bitcoin Price Rallies Again
As a crypto investor, I’ve noticed an exciting development with Bitcoin – it seems to have established a solid base and is currently surging past the significant milestone of $100,000. The momentum has been impressive, with the price not only breaching but also holding above key resistance levels at $102,200 and $103,500. This bullish move gives me confidence that we might be witnessing a new phase of growth for Bitcoin.
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.
currently, Bitcoin’s price is surpassing $102,000 and following the 100-hour Simple Moving Average. Additionally, a bullish trend line is being formed, offering support at approximately $103,400 on the hourly BTC/USD chart. This trend line is near the halfway point (50%) of the recent price swing between $99,250 and $106,487 highs’ retracement level.
From a positive perspective, if the price rises, it may encounter barriers around $105,500. The initial barrier is situated near $106,500, and a strong breakthrough above this point could potentially push the price upwards. If we see a close above the $108,000 resistance, it might lead to further increases in the price.
In the scenario at hand, there’s a possibility that the price may escalate, challenging the $110,000 barrier. If it continues to rise further, it could potentially push the price up towards the $112,000 mark.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through the $105,500 barrier, it might keep falling instead. The nearest potential support lies at approximately $103,500 or along the trendline.
In simpler terms, the significant resistance point is close to $102,000. The following resistance can be found around the $100,250 area. If there are further drops, the price may head towards the $98,000 support in the short 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.
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2024-12-16 06:22