Bitcoin (BTC) Consolidates And Retail Investors Wait

Bitcoin has shown resilience by pushing above key demand levels, but the psychological and technical barrier of $100K remains unclaimed.

Bitcoin price analysis for December 27, 2023 reveals that the world’s leading digital asset is seen making a strong attempt to finally break above the psychological barrier of $100K. BTC has been hovering around this key level for the past few days, following a period of consolidation and ranging price action.

As Bitcoin approaches the end of 2023, having already achieved a remarkable rally of over 80% year-to-date, traders are closely monitoring the market behavior at $100K. A decisive breakout and close above this level could potentially ignite a fresh wave of buying pressure, setting the stage for further gains in the coming weeks.

However, it’s important to note that technical analysis alone cannot fully predict the market movements, and various other factors, including macroeconomic conditions, institutional interest, and regulatory updates, also influence Bitcoin’s price trajectory.

Bitcoin price analysis: BTC price attempts to break above $100K

The technical analysis of Bitcoin price 1-hour chart reveals a bullish scenario as BTC price attempts to finally break above the psychological barrier of $100K. After testing the $99K level on December 25, BTC price pulled back slightly but quickly recovered, forming a higher low on the 1-hour time frame.

Now, BTC price is once again approaching the $100K level, and a bullish engulfing candle forming on the 1-hour chart could signal a strong breakout attempt. If successful, this breakout could lead to a rapid price movement towards the next key resistance zone around $105K-$106K.

On the other hand, a failure to break above $100K could result in a deeper pullback, potentially testing lower support levels at $97K and $95K before another attempt at breaking the psychological round number resistance.

Bitcoin price analysis: Key levels to watch for December 27, 2023

The 4-hour price analysis of Bitcoin also reveals a bullish technical picture as BTC price attempts to finally break above the psychological barrier of $100K. After consolidating within a range for the past few days, BTC price slowly ground higher, forming a series of higher lows on the 4-hour time frame.

Now, BTC price is once again approaching the $100K level, and a bullish engulfing candle forming on the 4-hour chart could signal a strong breakout attempt. If successful, this breakout could lead to a rapid price movement towards the next key resistance zone around $105K-$106K.

On the other hand, a failure to break above $100K could result in a deeper pullback, potentially testing lower support levels at $97K and $95K before another attempt at breaking the psychological round number resistance.