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Cryptocurrency News Articles
Bitcoin Price Prediction: BTCUSD Pivots at $96.1K, Downside to Prevail if Resistance Holds
Dec 23, 2024 at 04:46 pm
Bitcoin price continues to decline as the Trump-driven cryptocurrency market sentiment cools down. The crypto market has lost $500 billion in capitalization.
Bitcoin price has shown signs of slowing down after the Trump-driven cryptocurrency market sentiment cooled down. The crypto market has lost $500 billion in capitalization in the last seven days, which is largely attributed to Bitcoin’s slide back to five-figure price.
At the time of writing, BTC price was trading at $95,302, having gained 0.2% on the daily chart. However, the coin is still up by 10% in the last seven days and seven months. Bitcoin price now eyes $96,000 after a technical breakout.
Bitcoin price technical analysis: Weak momentum signals more downside
The momentum on Bitcoin price signals exhaustion of its upside, at least for the short term. The coin has recently broken below a long-term ascending channel, and trades are below a key support level, as previously discussed here.
Also, BTC price is trading below the Volume Weighted Moving Average (VWMA) at $99,113, which adds credence to the downward sentiment. However, the coin is trading above the 4-hour moving averages, which shows that the short-term trend is still up.
Bitcoin price is facing resistance from the 200-day moving average at $100,180, and a clear breakout from this level will open doors for BTC price to hit new all-time highs.
Trump appointed crypto advocate Stephen Miran to head the Council of Economic Advisors (CEA), which is seen as an indication of his pro-crypto policies.
However, most traders have already booked profits on Trump’s November 5 electoral victory, which has slowed down Bitcoin’s upside in recent days.
The biggest move by the Trump administration would be the much-talked-about establishment of a strategic Bitcoin Federal Reserve.
Such a move would likely be an uphill task and could take a long time to implement, but the first hint at initiating it could skyrocket Bitcoin prices.
The establishment of a BTC Federal Reserve would almost certainly drive other central banks across the world to establish similar reserves.
As of now, China and the United Arab Emirates (UAE) are believed to hold significant amounts of BTC coins.
In the meantime, the institutional adoption of Bitcoin as a payment method will likely grow in the new year, if only Bitcoin price maintains relative stability above the critical $90K mark.
Bitcoin price prediction
On the Bitcoin price chart below, the coin pivots at $96,100 and the downside will prevail if the price resistance stays above that level.
With the sellers in control, BTCUSD will likely find the first support at $94,600. Also, a stronger downward momentum will break below that level and potentially test $92,590.
On the other hand, breaking above 96,000 will shift the momentum to the upside.
With the buyers in control, BTC price will likely meet the first resistance at $97,360. Breaking above that level will invalidate the upside narrative.
Also, a stronger upside momentum could break above that level and test $99,100.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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