Bitcoin (BTC) Price Prediction: Will This Support Hold or Will Silk Road Bitcoin Dump Crash the Market?

The Bitcoin price plunged 3% in the last 24 hours to trade at $94,204 as of 02:20 a.m. EST on trading volume that plunged 6% to $64.6 billion.

The Bitcoin price dropped 3% in the last 24 hours to trade at $94,204 as of 02:20 a.m. EST on Monday. This comes as the US Department of Justice (DOJ) was cleared to authorize the sale of about 69,370 Bitcoin that were seized from the Silk Road darknet marketplace. This stash is currently valued at around $6.5 billion.

Bitcoin Price Still Showing Signs Of A Bullish Rally

The BTC price daily chart reflects a period of consolidation after a strong upward rally earlier in the year. The Bitcoin price recently tested a key support zone around $92,000–$94,000, which has held up multiple times during pullbacks.

However, resistance at $101,000 (marked in orange) has kept the price in check, creating a well-defined range-bound structure, as data from GeckoTerminal shows.

After the bullish move in November (green arrow), the price of BTC failed to sustain momentum and has been trading sideways within this support and resistance band. The chart exhibits a sideways pattern, which previously led to a breakout. Whether this support holds could determine the next major directional move.

The price of Bitcoin is currently below the 50-day Simple Moving Average (SMA), signaling short-term bearish pressure. This level has acted as both support and resistance in the past. Meanwhile, the longer-term trend remains bullish as the 200-day SMA is sloping upward.

BTC’s price staying well above this level shows that the overall structure still favors buyers in the broader timeframe.

The Relative Strength Index (RSI) stands at 45.04, reflecting mild bearish momentum. It is below the neutral level of 50, suggesting neither overbought nor oversold conditions.

This indicates consolidation and the possibility of further sideways action unless a breakout occurs.

BTC Price Prediction: An Incoming Bullish Trend Imminent?

If buyers manage to push the Bitcoin price above the 50-day SMA ($97,509) and break the $100,000 resistance, the next target could be the $110,000–$115,000 range. Increased volume and a higher RSI would support this scenario.

Conversely, if the BTC price breaks below the $94,000 support, we could see a move toward the 200-day SMA at $72,898, which serves as a major support zone for the long-term bullish trend. A continuation of low RSI could further worsen the sell-off.

Meanwhile, investors are rushing into the Best Wallet ($BEST) presale, which has already raised over $6.7 million. Crypto Gains, a YouTuber with more than 141K subscribers, says $BEST can 10X after launch.

Best Wallet Presale Blasts Past $6.7 Million

If you’re seeking a comprehensive cryptocurrency platform for buying, selling, trading, swapping, and storing your digital assets, the Best Wallet (BEST) app could be an excellent choice.

A direct competitor with popular wallets like Trust Wallet and MetaMask, Best Wallet is rapidly gaining attention and may even surpass these established names in features and functionality.

Join Best Wallet and gain all the tools you need to stay ahead. 💎

With features like exclusive access to Upcoming Tokens and rewards for early adopters, it’s no surprise we’re the fastest-growing crypto wallet.

Download now 📲 https://t.co/he5kzra7TY pic.twitter.com/xf2pY03CZw

— Best Wallet (@BestWalletHQ) December 16, 2024

One of its most popular features is its “Upcoming Tokens” section. This flags to users the most promising new cryptocurrency presales, enabling traders to read whitepapers, buy the tokens, and then track updates. It already has a stellar track record.

With over 100,000 monthly users and strong security, Best Wallet continues to grow its credibility.

You can join the project early by buying $BEST Token today for just $0.023525. Interested investors should secure tokens before the next price increase in less than 14 hours.

Visit Best Token

Related News