NewsBTC
17 December 2024
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Bitcoin Surges Above $107,000 to New All-Time High

Bitcoin price increased above the $105,000 resistance zone and reached a new all-time high above $107,000.

  • Bitcoin surged above the $105,000 level.
  • The price is currently above $104,000 and the 100 hourly Simple Moving Average.
  • A key bullish trend line is forming with support at $105,000 on the hourly BTC/USD chart (data from Kraken).
  • The pair could rise further if it remains above the $103,500 support zone.

Bitcoin Price Extends Rally

Bitcoin formed a base and initiated an increase above the $102,000 zone, surpassing the $103,200 and $104,500 levels.

The price cleared $105,000, establishing a new all-time high at $107,777, and is currently consolidating gains. There was a minor decline below the 23.6% Fibonacci retracement level of the rally from the $99,251 swing low to the $107,777 high.

Currently, Bitcoin trades above $104,000 and the 100 hourly Simple Moving Average. The bullish trend line is also evident with support at $105,000.

On the upside, resistance is near $107,200, with the first key resistance at $107,750. A clear move above this level may propel the price higher, potentially reaching $108,000. A close above $108,000 could lead to further increases.

Bitcoin Price

If these conditions are met, the price could test the $112,000 resistance level, with potential gains extending toward $115,000.

Downside Correction In BTC?

If Bitcoin does not rise above the $107,500 resistance zone, a downside correction may occur. Immediate support is near $105,000 or the trend line.

The first major support is around $103,000 or the 50% Fibonacci retracement level of the rally from the $99,251 swing low to the $107,777 high. The next support level is near $102,000, with further losses possibly leading to the $100,000 support in the near term.

Technical indicators:

Hourly MACD – Gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – Above the 50 level for BTC/USD.

Major Support Levels – $105,000, followed by $103,000.

Major Resistance Levels – $107,500 and $112,000.