As the crypto markets move towards the yearly close, the bears are becoming stronger and as a result, the price of Bitcoin is falling below one of the key supports. A pullback from the $98,000 levels can be treated as a major setback as it revives the possibility of a yearly close below the $100,000 mark. With this, market participants may become less bullish in 2025, which could delay the revival of a strong uptrend, targeting a new ATH above $110,000.
Bitcoin bulls have pushed the price above $96,000 as the selling volume has largely exhausted. Regardless, the price is stuck near the crucial support at $96,071, which keeps bearish possibilities alive. However, the token remains within the bullish range, with a major support level around $95,850, where a massive sell wall has been built.
According to data shared by popular analyst Ali, almost 822 BTC could be liquidated if the price reaches $95,850.
Therefore, if the price reaches this level, there is a possibility of a large pullback as sell orders for 822 BTC may be processed. However, there are large sell orders above the levels between $96,100 and $95,900 where more than 100 BTC are feared to be liquidated in each price range. This suggests that the Bitcoin price rally continues to trade within the bearish range, as a small drop could trigger a large sell-off.
What’s next? Will BTC price recover and close the yearly trade above $100K or remain consolidated below the range?
Bitcoin’s short-term price action suggests that neither the bulls nor the bears are possessing the required strength as the price remains stuck within a range. However, the technicals suggest that a rapid price surge could occur any time from now. The Stochastic RSI is trading within the oversold range and has been trying to validate a recovery. However, the possibility of a bullish crossover remains distinct as the levels are about to undergo a bearish crossover, suggesting some more price drainage before the next price action.