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Bitcoin Soars to Fresh Record High: How Far Can It Go?

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Aayush Jindal

Key Highlights

  • Bitcoin price started a fresh rally and traded to a new all-time high at $107,643.
  • BTC cleared a connecting bearish trend line with resistance at $101,500 on the 4-hour chart.
  • Ethereum price seems to be facing hurdles near the $4,000 zone.
  • XRP is consolidating gains above the $2.20 support zone.

Bitcoin Price Technical Analysis

Bitcoin price remained supported above the $95,000 level. BTC/USD formed a base and started a fresh surge above the $98,000 and $102,000 resistance levels.

Looking at the 4-hour chart, the price settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). It even cleared a connecting bearish trend line with resistance at $101,500.

The price surpassed $104,000 and traded to a new all-time high at $107,643 on TitanFX. The price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $93,430 swing low to the $107,643 high.

Immediate support is near the $105,500 level. The next key support sits at $104,000. A downside break below $104,000 might send Bitcoin toward the $102,000 support. Any more losses might send the price toward the $100,000 support zone or the 50% Fib retracement level of the upward move from the $93,430 swing low to the $107,643 high.

On the upside, the price could face resistance near the $107,500 level. The next key resistance is $108,800. The main hurdle is now near $112,000.

A successful close above $112,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $120,000 milestone level.

Looking at Ethereum, the bulls pumped the price above the $3,880 and $3,920 levels before the bears took a stand near the $4,000 zone.

Today’s Economic Releases

  • US Retail Sales for Nov 2024 (MoM) – Forecast +0.5%, versus +0.4% previous.
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