As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed countless surges and corrections in Bitcoin‘s price. This latest rally above the $105,000 resistance zone is no exception. The bullish trend line forming at this crucial level suggests that BTC might be gearing up for a potential push toward the $112,000 mark.
The cost of Bitcoin surged beyond its previous resistance level at $105,000, marking a fresh upward momentum that propelled the cryptocurrency to a record high of over $107,000.
- Bitcoin started a fresh surge above the $105,000 zone.
- The price is trading above $104,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $105,000 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 $103,500 support zone.
Bitcoin Price Extends Rally
As a crypto investor, I’ve witnessed an upward momentum in the Bitcoin market. After forming a base, the price surged past the $102,000 mark, a significant milestone. Subsequently, there were notable increases that saw us breach the $103,200 and $104,500 levels with relative ease.
The cost surpassed $105,000 and reached a record peak at $107,777. Afterward, it’s been holding steady as it builds upon its gains. There was a small dip that dropped below the 23.6% Fibonacci retracement point of the recent upward trend from the $99,251 low to the $107,777 high.
Currently, Bitcoin’s price is surpassing $104,000 and aligning with its 100-hour moving average. Additionally, a significant bullish trend line is being shaped on the hourly Bitcoin-to-U.S. dollar chart, offering support at approximately $105,000.
On a positive note, the price may encounter obstacles around $107,200 and potentially again at $107,750. Overcoming the initial barrier at $107,750 could lead to further increases in the price. If it does, the next potential resistance might be set at $108,000, and a successful close above this level would likely push the price even higher.
In this scenario, if the price increases, it may challenge the barrier at $112,000. Further growth could potentially propel the price towards the $115,000 mark.
Downside Correction In BTC?
If Bitcoin doesn’t manage to break through the barrier at $107,500, there might be a reversal and a drop in its price. The potential floor for this fall could be around $105,000 or the trendline.
The initial substantial backing can be found around the $103,000 mark or at the 50% Fibonacci retracement point of the recent surge from the $99,251 trough to the $107,777 peak. The subsequent support is now situated in the vicinity of the $102,000 region. Further declines could push the price towards the nearby $100,000 support.
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.
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2024-12-17 05:46