➡️ Technical Analysis:
Bitcoin is currently consolidating within a range, gearing up for its next upward move. It is approaching a key resistance level, while a critical support level remains intact. As long as Bitcoin does not close a daily candle below this support, the bullish trend remains strong.
Repeated tests of the resistance have weakened it, increasing the likelihood of a breakout. If Bitcoin manages to close a daily candle above this resistance, we could see it targeting $110K and $125K.
➡️ Fundamental Analysis:
The next few weeks could be pivotal for Bitcoin, with two major events to watch:
1. December 18 – Fed Interest Rate Decision
The Federal Reserve is widely expected to announce a 25 basis point rate cut. This development would be highly bullish for Bitcoin and the broader crypto market. A rate cut could act as a catalyst for Bitcoin to break through its resistance and push higher.
2. January 20 – Donald Trump’s Inauguration Ceremony
The upcoming inauguration is another potentially bullish event. While no immediate spike is expected on January 20 itself, the momentum from the December 18 announcement could build steadily and carry through to this date.
⚠️ Important Note:
This may turn out to be a "buy the rumor, sell the news" scenario. Similar to the pattern seen during the BTC ETF approval, Bitcoin could experience a rally ahead of these events, followed by short-term volatility or a correction before resuming its bullish trajectory.
➡️ Conclusion:
Both technical and fundamental signals point to a bullish outlook for Bitcoin. Keep a close watch on the December 18 rate decision as a key turning point.
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