If some of the market signs are correct, Bitcoin’s price could be about to rise again. The analyst began by saying that Bitcoin was showing positive divergence compared to the Relative Strength Index, a classic bullish signal that indicates that bearish momentum is slowing and a potential price reversal is approaching.
In addition, there is a potential liquidation of $14,000,000, with a value of $95,300. To take advantage of more liquidity and volatility in the market, which they can use to their advantage by making trades at favorable prices, market makers often try to reduce these leveraged positions.
From 53.12% to 64.04%, the number of long traders on Binance is another market trend that could help Bitcoin rebound in the future.
The expert identified $94,800 as a crucial resistance level for the expected recovery, with Bitcoin above it. Now, experts expect Bitcoin to continue its rise to $95,600, with a short-term trading range of $98,373 to $98,400.
However, the market expert warns that Bitcoin is at a crucial crossroads, and a drop below the $93,400 support level will likely lead to another fall below $84,000 or perhaps $70,000. As a result, its price could drop by 25% from where it is now.
Bitcoin Price Summary
Bitcoin is up 0.93 percent the previous day, and is now trading at $95,173 as of this writing. The asset has a trading volume of $24.76 billion, and the trading volume has decreased by 53.76 percent.
Despite 2024 ending on a disappointing note for the leading cryptocurrency, market sentiment remains fairly strong. Market watchers have consistently described 20-30% losses as signs of a bull market that will pave the way for larger price rallies. In order to trigger another rally with ambitious forecast targets of $350,000 in the new year, a price break above the $100,000 mark is crucial, especially with 2025 fast approaching.