$BTC Bitcoin Price Analysis
Recently, Bitcoin broke below the support line of the ascending channel pattern and fell to the 50-day simple moving average (SMA) at $91,792 on December 20. However, a strong rebound from this level shows that bulls are fiercely defending this support line.
The relief rally may face selling at the 20-day exponential moving average (EMA) at $99,142. If the price drops sharply from the 20-day EMA, there is a possibility of a break below the 50-day SMA, leading the BTC/USDT pair to $85,000 and eventually to $73,777.3
On the upside, bulls will have to push and sustain the price above the 20-day EMA to suggest that selling has diminished, increasing the prospects of a retest of the all-time high at $108,353.
Note: This post is not an investment recommendation. Do your own research and consider the risks before investing.
