Bitcoin traders are focusing on key technical levels, including $100,000
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Bitcoin (BTC) traders are closely monitoring some key technical levels, especially the important psychological level of $100,000. According to data from Coinbase obtained from TradingView, since the price of Bitcoin broke through its historical high of $108,000 on December 17, the price seems to be in a downward trend.
Price fluctuations and market sentiment
On December 30, BTC fell below $91,500, reaching its lowest point since the end of November. Nevertheless, Bitcoin still maintains a strong upward trend, having set multiple historical highs over the past few months. Several analysts have noted Bitcoin's strong performance, especially market observer Wendy O, who shared her insights.
Wendy O mentioned in an email: "Although Bitcoin's recent trend differs from previous cycles, we are still in a cryptocurrency bull market and expect to see a lot of bullish trends in the crypto market, especially for Bitcoin." She further pointed out: "Since reaching the historical high of $108,000 on December 17, 2024, Bitcoin has shown a downward trend on the daily chart."
The significance of psychological levels and support
Wendy O specifically highlighted the psychological levels of $100,000 and $90,000. She explained: "These price areas are very important for most investors, as many are not full-time traders but participate in the market as passive investors. These prices excite investors." She believes that $100,000 could be a strong resistance level for Bitcoin, potentially leading investors to choose to sell, which would drive the price down.
She also mentioned that the downward trend in Bitcoin's price may be related to its failure to maintain above $100,000. At the same time, she emphasized the strong growth in institutional demand, particularly from companies like BlackRock and MicroStrategy, which have increased their demand for Bitcoin. Additionally, rising interest from countries in Bitcoin as a strategic reserve asset may further drive prices up.
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