Bitcoin (BTC/USD) is currently trading at $92,294, down 1.75% in the last 24 hours, with a substantial trading volume of $42.2 billion. Despite its dominance in the cryptocurrency market, bearish momentum prevails, with critical levels in play that could decide its near-term trajectory.
Analysts suggest Bitcoin might be gearing up for a potential recovery, though significant hurdles remain.
Market indicators hint at a possible price reversal for Bitcoin. Analyst Martinez recently noted a bullish divergence forming against Bitcoin’s Relative Strength Index (RSI), a classic signal of weakening bearish momentum. The RSI currently stands at 32, indicating oversold conditions but lacking immediate signs of a reversal.
#Bitcoin $BTC below $93,000 is a problem because, as you can see, there isn’t enough significant support below it! pic.twitter.com/MSJxAT56OG
— Ali (@ali_charts) December 30, 2024
Additionally, Bitcoin’s price is consolidating around the $92,150 level, forming a triple-bottom pattern—a potential setup for a rebound if buyers regain control.
Adding to the bullish narrative, long positions on Binance have risen significantly, from 53.12% to 64.04%. This increase indicates growing optimism among traders that Bitcoin may soon see upward momentum. A key resistance level to watch is $94,000, with targets of $95,705 and $98,330 in the short term if bullish sentiment gains traction.
The TD Sequential indicator presented a buy signal on the #Bitcoin $BTC hourly chart, anticipating a price rebound if, only if, the $93,000 support holds. pic.twitter.com/bQZIt5rzAO
— Ali (@ali_charts) December 29, 2024
A major factor influencing Bitcoin’s outlook is the $14 million worth of potential liquidations clustered around $95,300. Market makers often target these levels, increasing liquidity and creating price volatility. Breaking above this zone could pave the way for a substantial rally, but failure to do so could maintain downward pressure.
Despite these bullish signals, Bitcoin remains vulnerable. The descending triangle pattern on the 4-hour chart suggests continued resistance near $94,000, while the 50 EMA at $94,140 reinforces this barrier.
Any drop below $93,400 could invalidate the bullish setup, potentially dragging Bitcoin to $84,000 or even $70,000—a significant 25% decline from current levels.
Bitcoin’s near-term movement hinges on its ability to breach the $94,000 resistance and sustain above key support levels. A breakout could trigger a rally toward $98,330, while a breakdown below $93,400 may lead to significant losses.
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Source: cryptonews.com
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