{"id":28969,"date":"2024-12-17T02:43:59","date_gmt":"2024-12-17T02:43:59","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=28969"},"modified":"2024-12-17T02:43:59","modified_gmt":"2024-12-17T02:43:59","slug":"bitcoin-price-powers-ahead-rally-shows-no-signs-of-slowing","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=28969","title":{"rendered":"Bitcoin Price Powers Ahead: Rally Shows No Signs of Slowing"},"content":{"rendered":"

Bitcoin price started another increase above the $105,000 resistance zone. BTC is gaining pace and it traded to a new all-time high above $107,000.<\/em><\/p>\n

Bitcoin started a fresh surge above the $105,000 zone.
\nThe price is trading above $104,000 and the 100 hourly Simple moving average.
\nThere 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).
\nThe pair could start a fresh increase if it stays above the $103,500 support zone.<\/p>\n

Bitcoin Price Extends Rally<\/h2>\n

Bitcoin price formed a base and started a fresh increase<\/a> above the $102,000 zone. There was a move above the $103,200 and $104,500 levels.<\/p>\n

The price even cleared the $105,000 level. A new all-time high was formed at $107,777 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the recent rally from the $99,251 swing low to the $107,777 high.<\/p>\n

Bitcoin price is now trading above $104,000 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support at $105,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, the price could face resistance near the $107,200 level. The first key resistance is near the $107,750 level. A clear move above the $107,750 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.<\/p>\n

<\/a><\/p>\n

In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $115,000 level.<\/p>\n

Downside Correction In BTC?<\/h2>\n

If Bitcoin fails to rise above the $107,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $105,000 level or the trend line.<\/p>\n

The first major support is near the $103,000 level or the 50% Fib retracement level of the recent rally from the $99,251 swing low to the $107,777 high. The next support is now near the $102,000 zone. Any more losses might send the price toward the $100,000 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $105,000, followed by $103,000.<\/p>\n

Major Resistance Levels \u2013 $107,500, and $112,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started another increase above the $105,000 resistance zone. BTC is gaining pace and it traded to a new all-time high above $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 […]<\/p>\n","protected":false},"author":0,"featured_media":28970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-28969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/28969"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28969"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/28969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/28970"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}