BITCOIN (BTC) ANALYSIS - DECEMBER 31, 2024
Mid-Term Bias: BEARISH
Short-Term Bias: BEARISH
Bitcoin's daily price action is consolidating within a compression zone, attempting to break down its horizontal support level ($93,627-$92,583). A breakdown and retest below this level may trigger a move toward the Fair Value Gap (FVG) level ($85,103-$81,623), indicating further downside potential.
Key Interest Levels:
- *SHORT:* $92,587
- *LONG:* $87,886
- *Predicted Daily Range:* $86,581-$99,890
Action Plan:
Bitcoin's price action has broken down its horizontal support level and is heading toward its sell-side liquidity level ($90,757). If downward momentum continues, the price may test its next horizontal support level ($87,886-$86,581). This level could act as a potential demand zone or lead to further downside movement if broken.