Bitcoin investors exploiting technical research monitor vital resistance levels and point to $100,000 in particular as psychologically significant.
The world’s most valuable virtual currency appears to be on a downward trend since hitting an all-time high of over $108,000 on December 17, Coinbase data from TradingView reveals.
On Monday, December 30, the cryptocurrency fell below $91,500, reaching its lowest level since late November, additional Coinbase figures show.
In spite of this recent price activity, bitcoin is still in a strong, upward trend that has propelled it to multiple fresh, all-time highs over the last several months.
Several analysts have noted this strong performance, including the TikTok influencer who goes by Wendy O.
The market watcher highlighted those developments in emailed comments, stating: “We are still in a cryptocurrency bull market, it looks a little different from past cycles and we will see many bullish price advances in the cryptocurrency markets. ” cryptocurrencies, basically with Bitcoin »
“Bitcoin at the end of 2024 is lately in a downtrend on the chart since it reached an all-time high of $108,000 on 12/17/2024,” he noted.
“Personally, I look at mental titles like $100,000 and $90,000. “These figures are interesting. “
“When we look at $100,000 as resistance, it turns out to be a domain that the masses would possibly see as a smart selling price, and it could also be the reason why we have been in a downtrend since reaching an all-time high of $108,000. ” she said.
Furthermore, the analyst highlighted the strong institutional call coming from BlackRock and MicroStrategy, noting that as countries become more interested in employing bitcoin as a strategic reserve, the value of the virtual asset can increase without problems.
Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, also weighed in, highlighting several technical levels.
“On the downside, it could surge around the $85,000 to $86,000 area, followed through to the $80,000 level, and deeper to $75,000 if the market continues to fall,” he noted in emailed comments.
“On the upside, resistance will most likely be found between $95,000 and $96,000, and the $100,000 mark will act as a significant mental barrier,” DiPasquale said.
“If Bitcoin manages to break above $100,000, the $105,000 area could become the next key resistance level,” he pointed out.
“Investors are also monitoring volume around those levels to gauge the strength of any value action, while broader macro and sentiment will play a major role in shaping direction over the medium to long term. of Bitcoin,” the analyst stressed.
Tim Enneking, managing partner of Psalion, offered a different point of view.
“Bitcoin has been truly range-bound, while showing more action to the downside, since December 20, three days after the most recent ATH,” he stated via email.
“Counting today, it’s bounced off the $92k area three times. That level is also the bottom of a channel which started in November 2022, which has provided major support in the past (although not without fail),” said Enneking.
“If it breaks above $90,000, and the odds are equal, there will be some at $88,000, but the next low will probably be lower (although it will almost certainly still be with an ‘8’ handle),” Array said.
“By the time that happens, the inauguration euphoria will most likely begin with Bitcoiners licking their lips at the prospect of pro-crypto governance and BTC becoming a reserve asset (N. B. Not a reserve currency) – and BTC will be in a position for the next ATH,” Enneking predicted.
Disclosure: I Bitcoin, Bitcoin Cash, Litecoin, Ether, EOS and SOL.
One Community. Many Voices. Create a free account to share your thoughts.
Our network aims to connect other people through open and thoughtful conversations. We need our readers to share their perspectives and exchange concepts and facts in one space.
To do this, please comply with the posting regulations in our site’s terms of use. We summarize some of those key regulations below. In short, civilized.
Your message will be rejected if we realize that it seems to contain:
User accounts will be blocked if we notice or believe that users are engaged in:
So, how can you be a power user?
Thank you for reading our Community Guidelines. Please read the full list of posting regulations discovered in our site’s Terms of Use.