Technical and economic analysis of Bitcoin price (BTC/USD):
Technical analysis:
General trend: The daily chart shows an upward trend, as the price has crossed the $98,000 mark.
Liquidity Areas:
Buying Area: $97,000-$98,000. This area shows strong support.
Important Resistance: Near $100,000. This level may hinder upward price movement.
Technical indicators:
CCI: The indicator shows overbought conditions which may indicate a possible correction soon.
ZigZag: Reveals successive upward waves, reinforcing the overall positive trend.
Market Structure: Clear break of (Bos), indicating a continuation of the uptrend.
Economic analysis:
1. Institutional Demand: Institutional interest in Bitcoin has increased as the year ends, boosting buying momentum.
2. Monetary Policies: As central banks continue to adopt more conservative policies, investors see Bitcoin as a hedge against inflation.
3. Risk aversion: Concern about global economic risks is driving investors towards digital assets.
Recommendations:
Key support level: $97,500. If the price breaks below it, we may see a deeper correction.
Watch at $100,000 resistance: If the resistance is broken strongly, the next target could be $105,000.
> Note: Analysis provided by the AN Mission Focused team.
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