The crypto market has established a pause: Bitcoin has stabilized in a narrow range from $91,600 to $99,700, not reaching the level of $100,000. This situation is caused by a number of factors that are slowing down price movements.
📉 1. Decrease in demand for BTC investment products
Over the past week, there has been a decrease in interest in Bitcoin-related investment products:
• The outflow from Bitcoin products amounted to $457 million for the week ending November 29.
• Spot ETFs on BTC show stability despite high levels of activity in November.
Data also indicates a decrease in net realized profit. For example, after peaking at $1.08 billion on November 21, the figure fell to $33 million. This indicates a balance in the market between buyers and sellers.
📊 2. Technical analysis: Bitcoin is squeezed between two trends
On the four-hour BTC chart, it can be seen that the price:
• Found support at the 100 SMA (currently around $95,051).
• Met resistance at the 50 SMA (around $95,821).
The price is in a consolidation zone. To break upwards, it is necessary to overcome resistance at the level of $98,200, but a strong zone of address overload (approximately 733,760 wallets acquired 597,620 BTC in the range of $96,422–$97,111) is holding back the bulls.
🛡️ 3. Support zone for bulls
On the other hand, buyers are active in the $92,876–$95,736 zone, where about 688,690 addresses previously bought 348,720 BTC.
🚀 Prospects for Bitcoin
To exit the current consolidation model:
• Bitcoin needs to break $98,200 and stay above to open the way to $100,000.
• If the resistance remains strong, a short-term correction to the support zone around $92,000–$95,000 is possible.
The current situation indicates market equilibrium, but historically, December is considered a bullish month for Bitcoin. It will be interesting to see if the bulls can take over and surpass the coveted mark of $100,000.
💡 Stay updated with the news to not miss the moment to enter or exit! 💎$BTC