#BTCOutlook
Bitcoin has retraced to its monthly open at $96,865 after losing support at $104,000.
Volatility is expected to increase as traders await the next breakout.
Historical data suggests year-end trading may remain muted, with potential new highs in January.
Bitcoin has witnessed sharp volatile price swings over the last few trading sessions erasing a significant part of the value below $104k vital support level to regain the monthly opening price. He noted that these fluctuations took place at a time when the market risks are high due to the cryptocurrency trading movement in waiting for the year-end and the macroeconomic factors.
This price level of $104,000 has become a focus in Bitcoin trading among the traders. After some minor test of this level, BTC’s bearish pullback can be attributed to the difficulties in maintaining an upward price action in a state of heightened volatility. Experts have opined that if the Bitcoin price can sustain this level then there may be a rebound. But if it fails to pull this off it is likely to experience more range-bound activity as the market heads into the holidays.