The Bitcoin price surged 2% in the last 24 hours to trade at $106,162 as of 11:18 p.m. EST on trading volume that soared 14% to $97.9 billion.
The BTC price pump took the leading crypto by market capitalization to a new all-time high (ATH) of $107,822 before taking in a slight correction.
As BTC hit its ATH, its Energy Value, a key metric of the BTC Proof-of-Work mining ecosystem, also hit $100,000 for the first time ever.
Bitcoin Energy Value just cleared $100K for the first time ever pic.twitter.com/NRMf8bMSbu
— Charles Edwards (@caprioleio) December 16, 2024
Bitcoin Price Still On A Sustained Bullish Rally
The Bitcoin price has been in a strong uptrend since late October. A clear ascending channel pattern can be seen, with the BTC price moving consistently between two upward-sloping parallel trendlines. This pattern signifies a bullish structure, where the asset is making higher highs and higher lows.
The price recently tested the upper boundary of the channel, at $106,377, signaling strong buying pressure, according to data from GeckoTerminal.
Meanwhile, the 50-day Simple Moving Average (white line) is providing dynamic support, reflecting short-term bullish momentum. The 200-day SMA (yellow line) is far below the current price, which reinforces a longer-term bullish trend.
The current Relative Strength Index (RSI) value is 69.32, approaching the overbought territory (above 70). This suggests strong momentum, but it also indicates that the price may face temporary resistance or a pullback as traders could look to take profits.
The Moving Average Convergence Divergence (MACD) line (blue) has crossed above the signal line (orange), forming a bullish crossover. The MACD histogram is positive and expanding, which signals increasing bullish momentum.
BTCUSD Chart Analysis Source: GeckoTerminal
BTC Price Prediction
Given the current price structure, indicators, and ascending channel, the price could test the upper boundary of the channel, around $108,000, before facing significant resistance. A breakout above the ascending channel could push the price toward the next psychological resistance level of $110,000–$112,000.
If selling pressure increases, the BTC price could retrace toward the lower boundary of the channel (USD 96,000) or the 200-day SMA (USD 96,483), acting as strong support.
As the Bitcoin price surges, investors are also buying up a new Pepe alternative called Wall Street Pepe (WEPE), which Cryptonews, a popular crypto channel with over 13k subscribers, says could be the next massive degen play.
Wall Street Pepe Raises Over $27 Million In Presale
The Wall Street Pepe presale is skyrocketing, with funds raised soaring past $27 million in less than two weeks, cementing its position as the standout meme coin ICO in the market right now.
Wall Street Pepe is about more than just the gains. Each $WEPE token serves as your ticket to join the WEPE Army, an exclusive insider group offering access to member-only trading insights, strategies, and alpha calls.
I can only show you $WEPE. You’re the one that has to buy a bag. 🐸 ⚔️ pic.twitter.com/trbEBRbPpC
— Wall Street Pepe (@WEPEToken) December 8, 2024
The WEPE Token also offers a passive income opportunity through its staking feature, which offers a dazzling 45% annual percentage yield (APY).
You can buy WEPE Token from the official website for $0.0003646 using ETH, USDT, or a bank card.
Buy before a price increase in 17 hours to lock in the best deal.
Buy WEPE here.
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