Bitcoin thrilled investors with an impressive Christmas Eve rise, which saw the price of bitcoin climb from $92,300 all the way up to $99,400. This rapid rally reignited the bullish mood as BTC’s price held the critical demand level and signaled strength, positioning BTC for the $100,000 psychological milestone. The market participants will be closely monitoring Bitcoin’s move in the next few days, expecting continued momentum.
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Carl Runefelt, a top analyst at X has shared a technical analysis that is compelling. He highlighted Bitcoin’s formation on an hourly basis of a symmetrical triangular pattern. Runefelt thinks BTC may be on the cusp of a breakout. This pattern is often indicative of a consolidation period before an important move. Bitcoin’s price could be pushed higher if a confirmed break is made above the triangle. It would also mark a turning point in Bitcoin’s current cycle.
The strong levels of demand are supporting the potential for an outburst, and there is a convergence in technical patterns. Bitcoin’s path to $100,000 appears clearer than ever. The traders, however, remain cautious because volatility might still be a factor in the near term. Investors are eagerly waiting for confirmation that the historic bull market is about to enter a new phase.
Bitcoin Is Back On The Rise
Bitcoin is poised to make another price rally, as it maintains a bullish pattern after maintaining critical demand levels. The market is confident that BTC can reclaim $100,000 and continue to rise. Analysts and investors are closely watching its price movement for confirmation.
Carl Runefelt, a top analyst recently shared an insightful technical analysis on XHighlighting a symmetrical triangular pattern on Bitcoin’s hourly chart. Runefelt believes that BTC will break higher after a consolidation period.
He identified $100,700, as another key level. Exceeding this would signify strong bullish momentum and could potentially drive Bitcoin to a new record-breaking high. In contrast, he warned that a fall to $95,200 was a sign of weakness and a turn towards the bears in short time.
Runefelt’s analyses are in sync with current market sentiment. Most traders believe that Bitcoin’s recent consolidation is a sign of significant upward movement. BTC could see a spike in buying activity if it confirms the breakout above the triangle. This would propel the price of BTC into new territory. A failure to maintain momentum above crucial levels could result in increased volatility that would challenge Bitcoin’s bullish outlook.
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The leading cryptocurrency is holding steady for now. All eyes are focused on the crucial $100,700 level. Bitcoin’s bull run could be re-ignited if the cryptocurrency breaks through this resistance.
Price Action: Key Levels To Watch
Bitcoin currently trades at $98,400. This is a 7% increase from the recent low of $92,000. The recent recovery of the price shows a renewed bullish trend, as it has reclaimed the crucial 4-hour 200 EMA. BTC faces an important hurdle in its attempt to surpass the 4-hour 200 MA at $98,470.
Bitcoin would continue to rise if it regained the 200 MA. This could ignite aggressive purchasing activity, which may push its price past the psychological 100,000 mark. This level’s breach would boost market confidence and could trigger an upward momentum that pushes BTC to new highs.
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In the event that the 200 MA fails to be reclaimed by Bitcoin, it could lead to the price of Bitcoin settling below $100,000. The price would then likely move sideways as traders wait for fresh stimuli to decide the next step.
Chart by TradingView. Image from Dall E.
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Source: www.newsbtc.com
