$BTC

Bitcoin bulls pushed the price above the resistance line of the ascending channel pattern on December 16 and 17 but failed to sustain the higher levels.

While the rising moving averages indicate an advantage for buyers, the negative divergence on the relative strength index (RSI) suggests that the uptrend is losing steam. This increases the possibility of a consolidation in the near term.

The 20-day exponential moving average ($99,974) is the critical support to watch. If the price rebounds off the 20-day EMA with strength, the probability of a break above the resistance line increases. This could push the BTC/USDT pair to $113,331 and then to $125,000.

This bullish view will be invalidated in the near term if the price turns down and breaks below the support line. This could pull the price down to the 50-day simple moving average ($90,839).