As a seasoned analyst with over two decades of trading under my belt, I’ve seen bull markets turn bearish and bears become bullish again more times than I can count. Today’s crypto market is no exception to this rollercoaster ride.
The crypto market is trading in the neutral zone today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has risen by 1% since yesterday.
On an hourly timeframe, Bitcoin’s price has started to decrease following a point where it met a temporary ceiling at around $98,776. If buyers don’t take control soon, there might be a potential test of the support level by the next day.
Looking at a larger perspective, traders ought to concentrate on the upcoming price point of approximately $99,514. Should it breach this level, there’s potential for the price to surge towards the $100,000 region and possibly beyond.
Looking from a midterm perspective, bears haven’t been successful in continuing the downward trend following a closed bearish bar. Yet, it’s premature to anticipate a swift reversal because there hasn’t been sufficient accumulation of energy for such a change as of now.
In this regard, sideways trading in the range of $94,000-$100,000 is the more likely scenario.
Bitcoin is trading at $98,447 at press time.
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2024-12-25 18:58