Highlights
On Christmas Eve, Bitcoin experienced another bearish weekend, whereas it was generally believed that Christmas would provide a bullish boost for Bitcoin.
Although the bulls find it very difficult to push Bitcoin's price to $100,000, this has raised some concerns about Bitcoin's upward momentum before the year-end close.
Since the BTC price triggered a massive breakout of ATH, the market is very optimistic about the next price movement. The upper target has been raised to above $110,000 to $115,000 before the year-end close. However, the rebound has encountered significant obstacles, mainly due to weak bullish sentiment rather than increased buying volume. This could raise some concerns about the next steps in 2025, which is speculated to be a bull market year, with Bitcoin's price expected to rise above $150,000.
After the breakout in November, the price continued to trade within an ascending parallel channel. Interestingly, the token broke out of the channel, hitting a new high above $108,000, which drew the attention of bears. Initially, the pullback seemed like a minor retreat aimed at attracting new buying volume. Meanwhile, the pullback became more intense, raising concerns about the next price action, as the rebound had already fallen below the channel.
What is the next price movement for BTC before the year-end close?
The daily chart of BTC appears bearish, as the rebound has broken the bullish pattern. However, the greater concern lies in the technical aspect, which does not currently pose a high risk but indicates that prices may still be under long-term bearish influence. The MACD shows sustained selling pressure indicating a drop to the temporary support level near $92,000. The MACD experienced a bullish crossover, but soon after, the subsequent bearish crossover confirmed a strong pullback. On the other hand, the OBV or On-Balance Volume (a volume-based indicator) remains bearish, as it is trading along a descending trendline.
Furthermore, the OBV continues to plummet while the price maintains a sharp rise towards the highs. This suggests that the upward momentum could weaken at any moment, leading to a swift price reversal. Since smart money seems not to be participating in the price movement, a breakout has occurred, as the breakout of ATH is false.
Thus, the level of $92,100 could be crucial, as a rebound from here may not invalidate the bearish trajectory but will keep the token within a bullish range. A failure could lead to a crash in Bitcoin (BTC) price and enter the support area between $88,900 and $89,700. A rebound from here may restore the consolidated upward trend; otherwise, this could mark the beginning of a new bear market.