In Order to Preserve Its Bullish Trend, Bitcoin Must Remain Above $93,700


If certain market signs are correct, Bitcoin's price may be about to rise again. The analyst began by saying that Bitcoin was making a positive divergence compared to its relative strength index, which is a classic bullish signal that suggests the downward momentum is slowing and that a possible price turnaround is approaching.

In addition, there are prospective liquidations for $14,000,000, with a value of $95,300. To take advantage of more liquidity and volatility in the market, which they may use to their advantage by making trades at advantageous prices, market makers often try to reduce these leveraged positions.

Up from 53.12% to 64.04%, the number of long traders on the Binance exchange is another market trend that might help Bitcoin's future recovery.

The expert has identified $94,800 as a critical resistance level to the anticipated recovery, and Bitcoin has above it. Now, experts predict that Bitcoin will continue its ascent to $95,600, with a near-term trading range of $98,373 to $98,400.

The market expert, however, warns that Bitcoin is at a critical crossroads, and that a fall below the $93,400 support level will almost certainly trigger a further fall below $84,000 or maybe $70,000. As a result, its price might fall by 25% from where it is now.


Bitcoin Price Summary

Bitcoin has gained 0.93 percent in the previous day, and it is now trading at $95,173 as of this writing. Valued at $24.76B, the asset's trading volume has decreased by 53.76 percent.

Although 2024 came to a very disappointing close for the leading cryptocurrency, market confidence is still rather strong. Consistently, market watchers have characterized losses of 20-30% as bull market features that pave the way for larger price rebounds. In order to trigger another upswing with ambitious forecast objectives as high as $350,000 in the new year, a price surge over the $100,000 barrier is crucial, especially with 2025 quickly coming.

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