According to the updated data on the cryptocurrency market, the crypto market seems to be witnessing a positive momentum as we enter December. Currently, the price of Bitcoin (BTC) is hovering around $96,600, with expectations of reaching $100,000 or more by the end of the month if the current momentum continues.
Market news analysis:
1. Overall positive momentum:
The main reason is the sharp decline in Bitcoin reserves on exchanges, indicating increased demand and decreased supply.
Bitcoin ETFs have shown inflows of $31 billion, boosting the chances of a price rally.
2. The impact of political and economic events:
Historically, December after the US election shows a 30-46% rise in Bitcoin, making the $115,000-141,000 ceiling a potential target if the historical scenario repeats itself.
3. Possible negative factors:
The growing talk about Bitcoin's high energy consumption raises environmental questions, but it has not yet directly affected the price in the near term.
Market structure:
General Market: The market is in a strong uptrend. Other major coins like Ethereum are moving along with Bitcoin.
Liquidity: Liquidity levels on major exchanges like Binance and Coinbase are low, which contributes to the price surge.
Sensitive Areas: Current support for Bitcoin is centered at $94,000, while major resistance is at $100,000.
Recommendations:
Follow positive news, such as the adoption of mutual funds and the rise of Bitcoin as a reserve asset.
Beware of any potential short-term corrective move as a result of profit taking.
Rely on daily market analysis to determine optimal entry and exit points.
Analysis provided by AN MISSION FOCUSED team.