Will Bitcoin (BTC) recapture the $100K level before the 2025 New Year’s Eve as bulls spring back into action?
As Bitcoin’s price resurfaces above the $98,000 mark, its market cap is closing in on the $2 trillion valuation once again. Over the past 24 hours, Bitcoin has increased by 4.56%, signaling a bullish recovery.
Amid the BTC price surge, the crypto market is witnessing dramatic rebounds in altcoins, driving liquidations from shorts to $149.46 million. However, the total liquidation has reached $252.67 million, including $103.22 million worth of long-side liquidation.
With the tables turning to favor the bulls, will Bitcoin reclaim the $100,000 barrier before 2025?
BTC Price Analysis
In the 4-hour chart, BTC’s price action showcases a double-bottom reversal from the crucial support of the $93,000 level. As predicted in our previous article, BTC bounced back to surpass the $97,000 level with a morning star pattern on the daily chart.
Currently, the double-bottom reversal in the 4-hour chart is testing the neckline at the $99,000 level.
The bullish recovery has resulted in a positive crossover between the 20 and 200 EMA lines. Meanwhile, the current price action ranges between 50 and 100 EMAs in the 4-hour chart.
Furthermore, the 4-hour RSI line has crossed above the halfway level, signaling a boost in buying pressure. Hence, the technical indicators are gradually turning bullish, increasing the chances of a breakout rally.
Bitcoin ETFs Continue to Bleed
Meanwhile, institutional support for Bitcoin is yet to resurface as the U.S. spot Bitcoin ETFs maintain a negative net flow for the fourth consecutive day. On December 24, the total daily net outflow stood at $338.38 million.
Out of this, BlackRock recorded an outflow of $188.71 million, followed by Fidelity, which recorded an outflow of $83.16 million. Over the past few days, the net outflow has dropped the total net assets to $110 billion.
Bitcoin Price Targets
Based on the price action levels, the breakout of the $99,000 neckline will likely result in a price jump to the $102,557 mark. On the flip side, a bullish failure could result in a retest of the 200-day EMA line at $96,293.
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.
