Bitcoin (BTC) Price Analysis for December 22, 2024: BTCUSDT Maintains the Long Term Bullish Momentum

The Bitcoin price has edged down a fraction of a percent in the last 24 hours to trade at $95,700 as of 12:20 a.m. EST on a 1% drop in trading volume to $51 billion.

The Bitcoin price edged down a fraction of a percent in the last 24 hours to trade at $95,700 as of 12:20 a.m. EST on a 1% drop in trading volume to $51 billion.

This comes as MicroStrategy co-founder Michael Saylor suggests that Amazon founder Jeff Bezos could use $600 million allegedly earmarked for his wedding on Dec. 28 in Aspen, Colorada, to invest in Bitcoin.

Saylor urges Amazon Founder Jeff Bezos to buy $600 MILLION worth of #Bitcoin 🤯

IT’S HAPPENING!!! pic.twitter.com/HzWKEzaur0

— Vivek⚡️ (@Vivek4real_) December 22, 2024

Bezos quickly shot the story down.

“This whole thing is completely false – none of this is happening,” Bezos posted on X. “The old adage ‘don’t believe everything you read’ is even more true today than it ever has been.”

Britain’s Daily Mail had reported that the lavish event would include purchasing a high-end sushi restaurant to accommodate 180 guests and renting multiple luxury mansions for prominent attendees.

Bitcoin Price Maintains The Long Term Bullish Momentum

BTC/USDT) price movement on a daily timeframe, Bitcoin is trading at $95,726, reflecting a slight dip of $540.37 (-0.57%). This pullback aligns with a potential consolidation phase, which could set the stage for the next significant move.

A key support level at $93,428 coincides with the 50-day Moving Average (SMA), which has been rising steadily and acting as a dynamic support.

Further below, the 200-day SMA at $70,444 serves as another critical support zone, underscoring Bitcoin’s strong long-term bullish trajectory. The Golden Cross event in mid-November, where the 50-day SMA crossed above the 200-day SMA, is a highly bullish indicator often preceding sustained price rallies.

BTCUSDT Analysis (Source: Tradingview)

The Relative Strength Index (RSI) is currently at 57.95, indicating moderate bullish momentum. This value signifies that the market still has room for upward movement before reaching overbought conditions (above 70). Additionally, the RSI signal line near 46.24 shows a possible upward crossover, hinting at a bullish reversal in the near term.

The price action also reveals a well-defined rounded bottom formation observed between September and October, signaling a shift from bearish to bullish sentiment. The current price region is marked as a potential reversal zone, which could serve as a launchpad for Bitcoin to retest and potentially break the $100,000 psychological barrier again.

The chart sketches a target price of $120,000, indicating a medium-term bullish projection. If Bitcoin can maintain the $93,428 support level, it will likely resume its uptrend and challenge the $100,000 resistance in the short term.

A successful breakout above this level could open the door for a rally toward $120,000, driven by strong market momentum and positive sentiment.

However, failure to hold the $93,428 support may result in a deeper correction, with the 200-day SMA at $70,444 providing the next significant price floor.

Best Wallet Presale Blasts Past $5.3 Million

Meanwhile, excitement is building around the Best Wallet ($BEST) presale, which has just past $5.3 million in funding in its presale.

According to Crypto Gains, a well-known YouTuber and crypto analyst with over 141,000 subscribers, $BEST has the potential to skyrocket 10X when it launches.

Best Wallet is a cutting-edge Web3 platform that combines a decentralized exchange (DEX), wallet functionalities, and practical tools for managing digital assets. Its sleek and intuitive user interface allows users to easily access decentralized finance (DeFi) activities from within the wallet.

One standout feature is the “Upcoming Tokens” section, which highlights high-potential tokens before they hit the market. An example is Pepe Unchained ($PEPU), flagged early to wallet holders before it surged 591% after launch. Another is Catslap ($SLAP), which saw a staggering 3,091% increase after being highlighted early in Upcoming Tokens.

🚨 $PEPU Claim is Now LIVE! 🚨

The wait is over! You can now claim your $PEPU tokens directly within Best Wallet or by visiting the @pepe_unchained website.

📍 Claim Website: https://t.co/AtdfdNNPeV

Start Claiming Now! pic