Bitcoin cheered investors with a Christmas Eve rally, climbing to an intraday high of $92,300 to $99,400. The swift rally has revived bullish sentiment as the price successfully held a key demand level, signaling strength and positioning for BTC to challenge the psychological $100,000 milestone. Market participants are now closely watching Bitcoin’s next move, expecting continued momentum in the coming days.
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Top analyst Carl Runfelt shared an impressive technical analysis on X, highlighting the formation of a symmetrical triangle on Bitcoin’s hourly timeframe. This pattern often represents a period of consolidation before a significant breakout, and Runfelt believes BTC is on the verge of such a move. A confirmed break above this triangle could propel Bitcoin forward in price discovery, unlocking further gains and marking a pivotal moment in its current market cycle.
With strong demand levels providing support and technical patterns for a potential breakout, Bitcoin’s path to $100,000 looks clearer than ever. However, traders remain cautious as volatility may still play a role in the short term. All eyes are on the leading cryptocurrency as it enters a critical phase, with investors eagerly awaiting confirmation of a new leg in its historic bull run.
Bitcoin looks ready to rally again
Bitcoin looks prime for another rally in price search, maintaining a bullish structure after holding critical demand levels. This resilience underscores the market’s confidence in BTC’s ability to reclaim and rise above the $100,000 mark, with both analysts and investors closely monitoring its price action for confirmation.
Top analyst Carl Runfelt recently shared an insightful technical analysis on XHighlighting a symmetrical triangle pattern on Bitcoin’s hourly chart. Symmetrical triangles often indicate a period of consolidation before a breakout, and Runfelt suggests that BTC is poised to break to the upside.
He further identified $100,700 as a key level; A break above this would signal strong bullish momentum, potentially leading Bitcoin to new all-time highs. Conversely, he cautioned that a drop to $95,200 would signal weakness, indicating a bearish turn in the short term.
Runfelt’s analysis is in line with market sentiment, as many traders see bitcoin’s current consolidation as a precursor to significant upward movement. If BTC confirms a breakout above the triangle, it could fuel buying activity, driving the price into unwanted territory. However, failure to sustain momentum above critical levels could lead to higher volatility, challenging Bitcoin’s bullish outlook.
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For now, the leading cryptocurrency is steady, with all eyes on the major $100,700 mark. If Bitcoin successfully breaks through this resistance, it could ignite the next phase of its bull run, confirming its position as the dominant force in the crypto market.
Price Action: Key Levels to Watch
Bitcoin is currently trading at $98,400, representing a significant 7% increase from its recent local low of $92,000. This recovery highlights the latest bullish momentum, with price reclaiming the 4-hour 200 EMA, a key indicator of short-term strength. BTC now faces a significant hurdle as it tries to push above the 4-hour 200 MA, which sits at $98,470.
Reclaiming the 200 MA would confirm Bitcoin’s bull run, potentially igniting aggressive buying activity to propel the price above the psychological $100,000 mark. Breaking this level would not only strengthen market confidence but could also increase momentum going forward, pushing BTC to new all-time highs.
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On the flip side, a failure to reclaim the 200 MA could result in Bitcoin strengthening below $100,000. This will likely lead to a period of sideways price action, with traders waiting for a new catalyst to determine the next move.
Featured images from Dall-E, charts from TradingView
