Bitcoin Price On A Correction – Bullish Trend Reversal Possible?

The Bitcoin price chart on the daily timeframe shows a strong bullish trend that recently entered a period of consolidation.

The Bitcoin price dropped 1% in the last 24 hours to trade at $93,385 as of 02:22 a.m. EST on trading volume that rose 21% to $56.7 billion.

BTC price fell to its lowest since November, dampening hopes of a “Santa Claus rally,” which has historically resulted in solid gains.

This comes as MicroStrategy unveils the 21/21 plan, which aims at raising $21 billion through equity financing and another $21 billion through bond issuance over three years.

According to Michael Saylor, the funds will be used to buy more Bitcoin as a way of showcasing the company’s commitment to the king of cryptos.

JUST IN: MicroStrategy announces a special shareholder meeting to vote on key proposals aimed at accelerating its 21/21 Plan and aligning with its Bitcoin strategy.

Proposals include:

1.Increasing Class A shares from 330 million to 10.33 billion for future capital raising.… pic.twitter.com/3OmO5fQQOA

— Nyke Nakamoto (@Nyke_Nakamoto) December 23, 2024

Bitcoin Price On A Correction – Bullish Trend Reversal Possible?

The Bitcoin price chart on the daily timeframe shows a strong bullish trend that recently entered a period of consolidation. The price of Bitcoin has been trending upwards since breaking above the 200-day Simple Moving Average (SMA) in mid-October at $63,602, which marked a reversal from bearish to bullish sentiment, according to GeckoTerminal data.

Currently, the BTC price is trading within an ascending channel (marked in orange), indicating a gradual but sustained bullish movement. However, the recent pullback toward the lower boundary of the channel at $93,000 suggests some short-term weakness or profit-taking.

The 50-day SMA (white line) at $93,742 is providing immediate resistance, while the 200-day SMA remains a strong support at $70,490.

The Relative Strength Index (RSI) currently sits at 41.96, indicating weakening momentum. The value has dropped from previously bullish levels and is now approaching oversold territory. This could signal a potential bounce if buyers step in near support levels.

If the ascending channel remains intact, the BTC price could rebound from the current support levels around $93,000–$94,000, targeting the upper boundary of the channel near $100,000–$105,000 in the coming weeks.

However, if the price of Bitcoin continues to drop below the 50-day SMA, it could test the 200-day SMA at $70,490, which serves as a critical support level. A failure to hold this level would indicate a bearish reversal.

Meanwhile, investors are rushing into the Best Wallet ($BEST) presale, which has already raised over $5.5 million. Crypto Gains, a YouTuber with more than 141K subscribers, says $BEST can easily 10X.

Best Wallet Presale Blasts Past $5.5 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. 

💎 What can holding $BEST unlock for you? 💎$BEST isn’t just a token—it’s your key to maximising everything Best Wallet has to offer:

✔️ Get early access to new projects✔️ Reduced transaction fees✔️ Enjoy higher staking rewards✔️ Exclusive token airdrops

Download Now 📲… pic.twitter.com/JpnCMgWQjc

— Best Wallet (@BestWalletHQ) December 23, 2024

In addition, the wallet enables users to stake their BEST tokens for a huge