The Bitcoin price plunged 3% in the last 24 hours to trade at $97,637 as of 02:26 a.m. EST on trading volume that surged 13% to $104 billion.
BTC has dropped below the $100k mark, which suggests that some of the market’s most seasoned Bitcoin investors are booking record profits after BTC’s strong rally.
Bitcoin Price Could Still Soar
The Bitcoin price surged out of a long-term accumulation zone (highlighted in purple), which acted as a strong base around the $60,700 level during the summer months, according to data from GeckoTerminal. This breakout was accompanied by higher volume, indicating solid buying interest.
Following the breakout, the BTC price has formed a rising channel (yellow lines), which suggests a gradual and sustainable uptrend with higher highs and higher lows. The upper boundary of the channel, near $100,000, acts as resistance, while the lower boundary around $96,000 is key support.
The 50-day Simple Moving Average (SMA) at $91,666 aligns closely with recent support levels and the rising channel’s lower boundary. Meanwhile, the 200-day SMA at $70,015 represents a critical long-term support level that helped sustain the July accumulation.
The Relative Strength Index (RSI) is currently at 50.04, sitting at the neutral zone. This indicates a balance between buying and selling pressure. The RSI has cooled off from overbought levels during the November surge, suggesting the price may be consolidating before the next move.
BTC price is currently on a bullish trend, despite the slight retrace to the lower boundary of the rising channel. A breakout above the channel and resistance at $100,000 could lead to a strong rally toward $105,000 or $110,000.
BTCUSD Chart Analysis Source: GeckoTerminal
However, a breakdown below $96,000 and the 50-day SMA could signal a deeper correction, potentially targeting $90,000 or the 200-day SMA near $70,000.
Meanwhile, investors are rushing into the Best Wallet ($BEST) presale, which has already raised over $5.1 million. Crypto Gains, a YouTuber with more than 141K subscribers, says $BEST can easily 10X.
Is Best Wallet The Next Crypto To Explode?
Best Wallet is an innovative Web3 ecosystem that seamlessly combines a decentralized exchange (DEX), wallet functionalities, and utility-driven solutions for managing digital assets.
Its intuitive user interface (UI) and integrated DEX enable users to easily engage in decentralized finance (DeFi) activities directly within the wallet platform.
Join Best Wallet and gain all the tools you need to stay ahead. 💎
With features like exclusive access to Upcoming Tokens and rewards for early adopters, it’s no surprise we’re the fastest-growing crypto wallet.
Download now 📲 https://t.co/he5kzra7TY pic.twitter.com/xf2pY03CZw
— Best Wallet (@BestWalletHQ) December 16, 2024
One of its key features is its “Upcoming Tokens” section, which flags high-potential tokens before they hit the market.
It featured Pepe Unchained ($PEPU) at just $0.00992, before early investors saw a 591% gain as the price rose to $0.06858. It also flagged Catslap ($SLAP), a token that saw its price skyrocket 3,091% for those who bought early.
🚨 $PEPU Claim is Now LIVE! 🚨
The wait is over! You can now claim your $PEPU tokens directly within Best Wallet or by visiting the @pepe_unchained website.
📍 Claim Website: https://t.co/AtdfdNNPeV
Start Claiming Now! pic.twitter.com/A7KovigigB
— Best Wallet (@BestWalletHQ) December 10, 2024
In addition, the wallet offers staking, enabling users to earn passive income on their tokens. You can stake your BEST tokens for a huge 453% APY.
With over 100,000 monthly users and strong security, Best Crypto Wallet continues to grow in credibility.
You can get into the project early by buying $BEST Token today for just $0.023275. Interested investors should secure tokens before the next price increase in slightly more than a day.
Buy Best Tokens here.
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