Bitcoin stands at a crossroads where a potential slip could test the $90k support. Will buyers drive the rally beyond $100,000 as the market witnesses altcoins reaching new all-time highs?
Despite the broader market seeing top performers like XRP crossing the $2 psychological mark, Bitcoin’s price is stalling near the $96,000 level. While the market anticipates Bitcoin reaching the $100,000 target in December, its price action tells a different story.
Will Bitcoin regain bullish momentum and cross the $100,000 milestone in the coming week? Let’s find out.
Bitcoin Price Analysis
On the 4-hour chart, Bitcoin’s price trend shows a local resistance trendline, which has kept bullish growth in check. This has led to multiple lower-high formations, fueling the ongoing pullback.
However, Bitcoin has managed to maintain dominance above the 100 EMA, forming a support trendline. As a result, Bitcoin’s price action has formed a triangle pattern on the 4-hour chart.
Bitcoin is consolidating between the 50 EMA on the 4-hour chart and the overhead resistance trendline. The MACD and signal lines have formed lower highs, with their current convergence warning of a potential bearish crossover.
However, the MACD and signal lines no longer show signs of bearish divergence at Bitcoin’s price peaks. Thus, a bullish comeback is likely, and the lines may regain their positive alignment.
Bitcoin Derivatives Light Hope in a Volatile Market
Over the last 24 hours, the crypto market has lost $205 million worth of long positions, with total liquidations reaching $370 million. Amid this, Bitcoin short sellers lost $27.24 million, nearly double that of the long traders, who lost $15.78 million.
In support of the upcoming rally, Bitcoin’s open interest is inching closer to $60 billion, with options open interest surpassing $34 billion. Furthermore, Bitcoin and options trading volumes have surged to $55.22 billion and $1.65 billion, respectively. These figures suggest that underlying sentiment for Bitcoin remains bullish.
Bitcoin Price Targets
The rejection from the supply level has dropped Bitcoin’s current market price to $96,277. The dynamic support at the 50 EMA stands at $95,930. A pullback below this support will likely lead to a retest of the local support trendline.
This trendline aligns with the 100 EMA at $93,485. Therefore, Bitcoin’s immediate downside risk is approximately 2.65% in the next 24 hours. Meanwhile, using the prevailing bull run and the ongoing pullback, the trend-based Fibonacci level indicates strong support at $90,742.
Additionally, the Fibonacci levels suggest immediate price resistance at $98,378, with a price target of $103,102.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
