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Home Market & Analysis

Bitcoin Price New ATH: Is This Just The Beginning?

n70products by n70products
December 16, 2024
in Market & Analysis
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Bitcoin Price New ATH: Is This Just The Beginning?
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Bitcoin worth began one other enhance above the $100,000 resistance zone. BTC is up practically 5% and it traded to a brand new all-time excessive above $106,400.

  • Bitcoin began a contemporary surge above the $100,000 zone.
  • The value is buying and selling above $102,000 and the 100 hourly Easy transferring common.
  • There’s a connecting bullish pattern line forming with help at $103,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a contemporary enhance if it stays above the $102,500 help zone.

Bitcoin Value Rallies Once more

Bitcoin worth shaped a base and began a fresh increase above the $100,000 zone. There was a transfer above the $102,200 and $103,500 ranges.

The value even cleared the $104,000 stage. A brand new all-time excessive was shaped at $106,487 and the value is now consolidating positive aspects. It’s slowly transferring decrease under the 23.6% Fib retracement stage of the current wave from the $99,250 swing low to the $106,487 excessive.

Bitcoin worth is now buying and selling above $102,000 and the 100 hourly Simple moving average. There’s additionally a connecting bullish pattern line forming with help at $103,400 on the hourly chart of the BTC/USD pair. The pattern line is near the 50% Fib retracement stage of the current wave from the $99,250 swing low to the $106,487 excessive.

On the upside, the value may face resistance close to the $105,500 stage. The primary key resistance is close to the $106,500 stage. A transparent transfer above the $106,500 resistance would possibly ship the value increased. The following key resistance may very well be $108,000. A detailed above the $108,000 resistance would possibly ship the value additional increased.

Bitcoin Price

Within the said case, the value may rise and take a look at the $110,000 resistance stage. Any extra positive aspects would possibly ship the value towards the $112,000 stage.

One other Decline In BTC?

If Bitcoin fails to rise above the $105,500 resistance zone, it may proceed to maneuver down. Instant help on the draw back is close to the $103,500 stage or the pattern line.

The primary main help is close to the $102,000 stage. The following help is now close to the $100,250 zone. Any extra losses would possibly ship the value towards the $98,000 help within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Assist Ranges – $103,500, adopted by $102,000.

Main Resistance Ranges – $105,500, and $106,500.



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