Speculations of Bitcoin hitting $100K arise as community members hope for external factors to propel prices.
The cryptocurrency’s daily trading volume has dipped by 16.50% as per CMC data.
The cryptocurrency market saw some recovery on Christmas day, as Bitcoin revisited its $99K mark. Meanwhile, several year-end reports depicted a sharp rise in global crypto adoption, thus bringing glad tidings. Additionally, Russia stated that it would include Bitcoin in international payments, further propelling interest within the community.
Notably, Bitcoin has hit a snag as its price cycle struggles to break out of the $90K zone. As aforementioned, on Christmas day, the cryptocurrency tested the $99K level for the first time this week. However, it failed to hold prices at that level and proceeded to fall back downwards. At the time of writing, BTC was trading at $98,268, as per CMC data.
Meanwhile, when reverting to whale activity, whales have been transferring tokens amid anonymous wallets. This depicts a HODLing situation in the market as we wait for the consolidation to end. Further, analysts have predicted that Bitcoin’s crucial support level is at $97,300 during which time the cryptocurrency saw a 1.51 million buying spree.
The most significant support level for #Bitcoin is at $97,300, where 1.51 million wallets bought around 1.49 million $BTC. pic.twitter.com/hDnBnhwMZw
— Ali (@ali_charts) December 25, 2024
Secondly, with 2025 approaching fast, the community expects Bitcoin to show intriguing activity in the coming days. Whether this will turn into reality is a question that time holds the answers to. However, analyzing technical indicators might hint at what to expect.
Is Bitcoin $100K on the Horizon?
Analyzing Bitcoin’s technical indicators show mixed signals. Its Moving Average Convergence Divergence (MACD) signal line lies below the MACD line indicating a negative environment. However, its bull power indicator value stands at 6.51 as per TradingView data.
Meanwhile, its bear power indicator value stands at -2.75 showing the window of opportunity that Bitcoin bulls hold in the present. Utilizing this brief upper hand would aid Bitcoin in reclaiming its $100K milestone before 2024 officially ends.
Its present price cycle depicts resistance at two key points – $99,369 and $99,974. On the other hand, altcoins such as Ethereum and XRP have recorded minor dips in the past day.
