Bitcoin surged on Christmas Eve, climbing from $92,300 to an intraday high of $99,400, much to the delight of investors. The rapid rise reignited bullish sentiment, as the price successfully maintained a critical demand level, indicating strong Bitcoin strength and the potential to challenge the psychological milestone of $100,000. Market participants are now closely watching Bitcoin's next move, with expectations of continued momentum in the coming days.
Top analyst Carl Runefelt shared an intriguing technical analysis of X, emphasizing the symmetrical triangle formed by Bitcoin in the hourly timeframe. This pattern typically indicates a consolidation period before a significant breakout, and Runefelt believes BTC is on the verge of such a move. Confirming a breakout from this triangle could push Bitcoin into a price discovery phase, unlocking further gains and marking a critical moment in its current market cycle.
With strong demand, Bitcoin is expected to break through, and the technical pattern is likely to support Bitcoin, making the path for Bitcoin to reach $100,000 clearer than ever. However, traders must remain cautious as volatility may still play a role in the short term. As Bitcoin enters a critical phase, all eyes are on this leading cryptocurrency, with investors eagerly awaiting confirmation of its historic new bull market.
Bitcoin seems ready for another rise.
Bitcoin appears ready to rebound again, maintaining a bullish structure after holding the critical demand level. This resilience highlights market confidence in Bitcoin's ability to return to the $100,000 mark and rise further, with analysts and investors closely monitoring its price movements for confirmation.
Top analyst Carl Runefelt recently shared a deep technical analysis of X, highlighting the symmetrical triangle pattern on Bitcoin's hourly chart. Symmetrical triangles typically indicate a consolidation period before a breakout, and Runefelt believes BTC is poised for an upward breakout.
He further pointed out that $100,700 is a key level; breaking this level would indicate strong bullish momentum and could push Bitcoin to a new all-time high. Conversely, he warned that a drop to $95,200 would indicate weakness, suggesting a bearish reversal in the short term.
Runefelt's analysis aligns with market sentiment, as many traders believe that Bitcoin's current consolidation is a precursor to a significant rise. If BTC confirms a breakout from the triangle, it could trigger a surge in buying activity, pushing the price into uncharted territory. However, failing to maintain momentum above key levels could lead to increased volatility, challenging Bitcoin's bullish outlook.
Currently, the leading cryptocurrency remains stable, with all eyes on the critical $100,700 barrier. If Bitcoin successfully breaks through this resistance level, it could trigger the next phase of the bull market, reaffirming its position as the dominant force in the cryptocurrency market.
Price Trend: Key Levels Worth Watching
Bitcoin's current trading price is $98,400, a significant increase of 7% from the recent local low of $92,000. This rebound highlights new bullish momentum, as the price reclaims the critical 4-hour 200 EMA, a key indicator of short-term strength. BTC now faces a major obstacle as it attempts to break through the 4-hour 200 MA, currently at $98,470.
Regaining the 200 MA will confirm Bitcoin's bullish trajectory, potentially triggering positive buying activity and pushing the price past the psychological level of $100,000. Breaking this level would not only enhance market confidence but could also trigger further upward momentum, pushing BTC to a new all-time high.
On the other hand, failing to reclaim the 200-day moving average could lead Bitcoin to fall below $100,000. This could result in a period of price consolidation as traders await new catalysts to determine the next move.