2025 saw Bitcoin struggle initially, failing to sustain itself above the $100,000 mark after an initial breakthrough in early December. Since then, numerous attempts to surpass this level have been met with rejections. The latest rejection occurred last week when the price reached a high of $102,000 on Monday, but quickly plummeted to $92,000 by Thursday.
Over time, the struggle between bulls and bears regarding Bitcoin has become more defined, as technical analysis suggests an equal possibility of a continued decline or a rebound, with each scenario holding approximately 50% probability.
$90,000: A Pivotal Support Zone Under Threat
The latest changes in Bitcoin’s price make $90,000 a crucial support point for optimistic investors (bulls). Even though Bitcoin has generally stayed above this support level during recent adjustments, the bearish perspective depends on whether it can maintain this position.
As an analyst, I’ve observed from my technical analysis that Bitcoin has made five distinct efforts to probe a support trendline around $90,000. This consistent testing underscores the significance of this level. Each retest increases the likelihood of diminishing the support’s resilience, making Bitcoin progressively susceptible to a steep drop.
As an analyst, my focus is on the current Bitcoin price movement. Maintaining above $90,000 and surpassing resistance levels beyond $100,000 are crucial steps to counter a bearish perspective. If Bitcoin dips below $90,000, it might lead to a successive decrease towards the $87,000 range, or potentially even lower. A drop below $87,000 could trigger a swift descent through a $12,000 gap, reaching $75,000.
Resistance Levels To Break: $103,000 To $108,500
According to my analysis with EGRAG CRYPTO, I’ve observed that Bitcoin might maintain its bearish influence until it manages to surpass certain resistance levels. These key resistance points are located at $103,000, $106,400, and $108,500. For a bullish trend confirmation, I’m looking for consistent daily closes above these significant thresholds. The third resistance at $108,500 is particularly noteworthy because a break above it would propel Bitcoin towards new record highs.
Based on EGRAG CRYPTO’s analysis, it appears that the likelihood of a price surge, or pump, is relatively low at this point. For example, Bitcoin has dropped below the 21 Exponential Moving Average (EMA) in the daily candlestick timeframe, and the Fear and Greed Index indicates that sentiment is currently neutral.
The main factor that might reinstate bullish trends in Bitcoin is the upcoming inauguration of Donald Trump on January 20th and the potential pro-crypto policies that could arise from his new administration. According to EGRAG CRYPTO, this event may spark a temporary price surge or worsen the current downward trend. Currently, Bitcoin is valued at approximately $94,400.
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2025-01-13 02:10