Bitcoin Price Prediction: As BTC Plunges Below $100K, This Crypto Wallet Presale Rockets Past $5M
Release: 2024/12/20 21:09 Reading: 601
Bitcoin Price Fluctuates, Stagnating Below $100K Threshold
In the past 24 hours, the Bitcoin price has experienced a 3% decline, reaching $97,637 at 02:26 a.m. EST. This drop marks a slight deviation from Bitcoin's recent rally, accompanied by a 13% surge in trading volume to $104 billion.
Market Analysis: Potential Profit-Taking by Seasoned Investors
The Bitcoin price has fallen below the $100,000 level, hinting at potential profit-taking by seasoned investors who may have locked in gains from the recent bull run.
Technical Indicators Suggest Uptrend with Support and Resistance Levels
Data from GeckoTerminal reveals that Bitcoin has emerged from a long-term accumulation zone around the $60,700 level. This breakout was accompanied by increased trading volume, indicating strong buying interest.
Since the breakout, Bitcoin has established a rising channel with higher highs and higher lows. The upper boundary of the channel, near $100,000, serves as resistance, while the lower boundary around $96,000 provides support.
The 50-day Simple Moving Average (SMA) aligns with recent support levels and the rising channel's lower boundary. The 200-day SMA represents a critical long-term support that sustained the July accumulation.
The Relative Strength Index (RSI) indicates a balance between buying and selling pressure, currently sitting at 50.04 within the neutral zone.
Bullish Trend with Potential Rally or Correction
Despite the recent retracement, Bitcoin remains in a bullish trend. A breakout above the rising channel and resistance at $100,000 could trigger a rally towards $105,000 or even $110,000.
However, a breakdown below $96,000 and the 50-day SMA could potentially lead to a deeper correction, targeting $90,000 or the 200-day SMA near $70,000.
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