$BTC has recently experienced significant price movements, reaching new highs and attracting considerable attention from traders and investors.

Current Market Overview.

As of December 24, 2024, Bitcoin is trading around $98,471, reflecting a substantial increase over the past year. This upward trend is influenced by factors such as increased institutional adoption, favorable regulatory developments, and macroeconomic conditions.

Key Support and Resistance Levels.

Support Levels.

$90,000. Immediate support where buyers have previously entered the market.

$85,000. A stronger support level that could attract significant buying interest if the price declines.

$71,000. A major support zone, reinforced by the 9-month moving average, indicating long-term bullish momentum.

Resistance Levels.

$115,000–$118,000. A critical resistance zone where upward momentum has previously slowed. A breakout above this level could trigger a fresh rally toward uncharted highs.

Trading Strategy.

Buy Zone.

Consider entering long positions near the $90,000 support level if the price shows signs of reversal, such as bullish candlestick patterns or increased buying volume.

Alternatively, a deeper correction to the $85,000 support level could provide a more favorable entry point.

Target Levels.

First Target. $97,250 Near-term resistance where partial profits can be considered.

Second Target. $115,000 Aligns with the critical resistance zone; consider taking additional profits here.

Third Target. $118,000 A breakout above this level could lead to further gains; monitor price action closely.

Stop-Loss.

Set a stop-loss order below the identified support levels to manage risk. For a position entered near $90,000, a stop-loss around $85,000 is prudent.

For positions entered near $85,000, consider a stop-loss around $80,000 to protect against further downside.

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