#ReboundRally
As of December 25, 2024, Bitcoin (BTC) is trading at approximately $98,187, reflecting a 4.25% increase over the previous close.
Over the past week, Bitcoin has experienced a decline of about 8%, reaching a low near $93,955. This downturn follows a significant rally earlier in December, where BTC surpassed the $100,000 milestone, driven by the launch of Bitcoin Spot ETFs in the United States.
Technical indicators suggest a potential rebound. The Relative Strength Index (RSI) stands at 65.83, indicating bullish momentum. Moving averages also signal a buying opportunity, with short-term (MA5) and long-term (MA200) averages supporting this outlook.
Analysts note that Bitcoin is consolidating around the $105,000 level, with potential for further gains if it maintains support above $90,000.
In summary, while Bitcoin has faced recent volatility, technical analysis points to a possible recovery, contingent on maintaining key support levels and favorable market conditions.
