Bitcoin Technical Analysis: Bulls Eye $110K After All-Time High Breakout 

Bitcoin’s price, now hovering between $105,025 to $105,269, showcases a lively market with a 24-hour trade volume hitting $82 billion and a market cap soaring to $2.08 trillion.

Bitcoin

On the 1-hour chart, bitcoin‘s recent leap past $105,000 highlights a powerful bullish breakout, touching a record peak at $106,533. Short-term support is pegged around $104,000, with resistance now at this fresh all-time high. High trading volumes point to enthusiastic involvement, and a dip back to $104,000-$104,500 could be a golden buying opportunity for traders eyeing $106,500 or higher.

BTC/USD 1H chart on Dec. 15.

The 4-hour chart solidifies bitcoin’s steady climb, with the $106,533 peak strengthening the bullish story. Support holds steady between $102,500 and $104,000, while resistance stretches to $108,000. A dip or a consolidation around $104,000 might set the stage for more long trades, although breaking out above $106,500 looks promising with substantial volume backing.

BTC/USD 4H chart on Dec. 15.

In the daily timeframe, bitcoin’s journey upward shows occasional twists, yet the mood is decidedly bullish all around. Key support levels at $100,000 and $104,000 bolster the trend, while the $106,533 peak serves as a crucial resistance. If bitcoin closes above this mark, it might just dash towards $110,000, making dips to $104,000-$105,000 prime spots for long-term investors to dive in.

BTC/USD Daily chart on Dec. 15.

Oscillators like the relative strength index (RSI) at 69 and the Stochastic at 89 hint at neutrality and nearing overheated conditions, while momentum and moving average convergence divergence (MACD) suggest a need for short-term caution with bearish signals flashing. Moving averages, including the exponential moving average (EMA) and simple moving average (SMA), are all quite bullish across 10, 20, 30, 50, 100, and 200-day periods, consistently lagging behind the current price.

Bull Verdict:

Bitcoin’s achievement of a $106,533 all-time high, coupled with bullish momentum across multiple timeframes and strong support at key levels, suggests a favorable outlook for continued price appreciation. With moving averages uniformly signaling positivity and sustained volume supporting the trend, bitcoin appears well-positioned to target $108,000 and potentially $110,000 in the coming trading sessions.

Bear Verdict:

While bitcoin’s bullish momentum is undeniable, overextended conditions, including its approach to key resistance at $106,533, and neutral signals from oscillators like the relative strength index (RSI) and Stochastic, raise the potential for short-term profit-taking. A breakdown below $104,000 could signal a reversal, with risk of a retracement toward $102,500 or lower if selling pressure intensifies.

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