Bitcoin price on December 1, 2024, hovers around $97,124, reflecting a consolidation phase as the cryptocurrency market assesses its next directional move.
Bitcoin
The 1-hour chart shows Bitcoin (BTC) recently recovered after hitting a low of $95,758. Currently, the price is trading within a narrow range from $97,000 to $97,500. The current chart patterns indicate indecision and gradually declining volume during this consolidation phase, suggesting traders are waiting for a breakout. A move above $97,500, confirmed by high volume, could signal bullish momentum, while failing to hold above $96,500 could trigger a drop.
Key technical indicators support this mixed outlook. The relative strength index (RSI) reads neutral at 67, aligning with neutral signals from the Stochastic oscillator, Commodity Channel Index (CCI), and Awesome oscillator. Momentum at -1.188 and the moving average convergence divergence (MACD) at 5.018 suggest a bearish trend in the short term.
Similarly, on the 4-hour chart, Bitcoin has formed higher highs and lower lows, signaling an uptrend. However, the downward momentum slows near $98,745, along with decreasing trading volume, indicating exhaustion. The mid-term chart suggests the potential for a breakout from the tight price action.
Key levels to watch include support at $95,000 to $95,500 and resistance at $98,745. A breakout above $98,745 could signal a continuation towards $100,000, while a breakout below $95,000 could test lower levels around $93,000. Moving averages such as the exponential moving average (EMA-20) and simple moving average (SMA-20) indicate an uptrend, reinforcing the potential for upward movement.
The daily chart outlines a strong uptrend since Bitcoin hit $66,798 in early November, reaching an all-time high of $99,800 before facing resistance near the psychological level of $100,000. The smaller candlesticks on this chart around the $97,000 to $98,000 area indicate hesitation among market participants.
The key support level is at $95,000, while a decisive breakout above $99,800 could push the price to $102,000 or higher. Conversely, a daily close below $95,000 could invalidate the bullish pattern. Spikes in volume during the price rally indicate a clear interest in strong buying, but declining activity suggests the need for new momentum.
Moving averages (MA) remain the backbone of Bitcoin's technical profile, consistently indicating bullish sentiment. The EMA (10) at $95,543 and SMA (10) at $96,260 support short-term buying, while the EMA (100) at $75,158 and SMA (100) at $70,255 highlight strength in the broader trend. Notably, all monitored exponential and simple moving averages, ranging from 10 to 200 periods, indicate bullish conditions.
Bull's View:
The technical setup of Bitcoin is bullish as it consolidates near a key resistance level, supported by bullish momentum on the 4-hour and daily charts. Moving averages across all time frames emphasize strong buying conditions, suggesting that a breakout above $99,800 could push the price to $102,000 or higher. Traders should monitor spikes in volume to confirm the new bullish trend.
Bear's View:
Despite the broader uptrend, Bitcoin shows signs of exhaustion with declining momentum and volume across multiple timeframes. Bearish signals from the downward momentum and MACD, along with key support at $95,000 being threatened, suggest the possibility of a pullback to $93,000 or lower if buyers fail to regain control.