CandleFocus All Eyes on $110,730 After Bitcoin Sets New ATH of $107K
2024-12-17
Author: Content Editor
Bitcoin recently reached a new all-time high, surpassing $107,000 and pushing the total cryptocurrency market cap to $3.73 trillion. The breakout is seen as a bullish sign, with Bitcoin showing strong buyer momentum and achieving an inverted head-and-shoulders breakout target. However, the price is struggling to close above the 50% Fibonacci level at $106,912, which is acting as resistance. Despite this, the MACD and signal lines remain positive, indicating a possible upside move. Institutional interest in Bitcoin continues to grow, with U.S. spot Bitcoin ETFs seeing significant inflows from firms like BlackRock and Fidelity. MicroStrategy also purchased $1.5 billion worth of Bitcoin, contributing to the recent price surge. If Bitcoin manages to close above the 50% Fibonacci level, there is potential for a rally to $110,730 and even higher targets. Conversely, a bearish reversal could test the 38.20% Fibonacci level at $103,093.
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