{"id":1852,"date":"2024-12-18T05:11:07","date_gmt":"2024-12-18T05:11:07","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-corrects-yet-support-zones-keep-bulls-in-play\/"},"modified":"2024-12-18T05:11:07","modified_gmt":"2024-12-18T05:11:07","slug":"bitcoin-price-corrects-yet-support-zones-keep-bulls-in-play","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-corrects-yet-support-zones-keep-bulls-in-play\/","title":{"rendered":"Bitcoin Price Corrects, Yet Support Zones Keep Bulls in Play"},"content":{"rendered":"<p><em>Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh surge above the $106,000 zone.<\/li>\n<li>The price is trading above $105,000 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break below a key bullish trend line with support at $106,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a fresh increase if it stays above the $103,750 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains In Uptrend<\/h2>\n<p>Bitcoin price formed a base and started a fresh increase above the $103,500 zone. There was a move above the $104,000 and $105,000 levels.<\/p>\n<p>The price even cleared the $106,000 level. A new all-time high was formed at $108,297 and the price is now correcting gains. There was a minor decline below the 23.6% Fib retracement level of the recent wave from the $99,250 swing low to the $108,297 high.<\/p>\n<p>There was a break below a key bullish trend line with support at $106,000 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading above $105,000 and the 100 hourly Simple moving average.<\/p>\n<p>On the upside, the price could face resistance near the $106,200 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 $108,250. A close above the $108,250 resistance might send the price further higher.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"size-full wp-image-664113\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/12\/Bitcoin_294a0d.png?resize=1024%2C478\" alt=\"Bitcoin Price\" width=\"1024\" height=\"478\" \/><\/p>\n<p>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<h2>More Downsides In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $106,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $105,000 level.<\/p>\n<p>The first major support is near the $103,750 level or the 50% Fib retracement level of the recent wave from the $99,250 swing low to the $108,297 high. The next support is now near the $102,200 zone. Any more losses might send the price toward the $100,500 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $105,000, followed by $103,750.<\/p>\n<p>Major Resistance Levels \u2013 $106,200, and $108,250.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains. Bitcoin started a fresh surge above the $106,000 zone. The price is trading above $105,000 and the 100 hourly Simple moving average. There was a break below a key bullish trend&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145],"tags":[65,108,73,70,71,146],"class_list":["post-1852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=1852"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/1853"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=1852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=1852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=1852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}