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BITCOIN PRICE ANALYSIS & PREDICTION (December 17) – BTC Prints New ATH as it Gathers Momentum For a New Wave
Despite the slight drop in Bitcoin’s dominance, the price has closed strongly last week following a fresh break to a new high. The crypto has gathered momentum and is poised for another surge.
As of now, the fear and greed index stands at 80 due to overbought, indicating that the market may be getting a bit too excited about the recent gains. However, this does not necessarily mean that the trend will reverse anytime soon.
In fact, Bitcoin’s daily structure remains highly bullish in the long term due to a consistent surge in the past month. The crypto pushed higher yesterday and comfortably entered the $106,000 range, closing last week with a strong bullish bias. Prior to the latest break up, the primary crypto flash crashed to a low of $90,500 earlier this month following a sudden rejection at $104,000.
The price recovered and traded at around $100k throughout last week, indicating that there is still significant support in the market for the upward trend.
Despite low volatility movement in the past weeks, the trend is still considered bullish on the daily chart. Though it appears to be gathering momentum for another leg up, the breakout could set the market up for a huge price movement if demand increases significantly.
In case of a drop, BTC must break below the current monthly low before considering a broader retracement. Currently, the trend is still in favor of the bulls, and as a result, more surges are expected in the future.
Key levels to watch have been identified, with the first level of resistance being $106,648, followed by $110,000 and then $115,000. The psychological $100,000 level has become a key support area, and any drop below it could roll the price back to the $94,150 support – last week’s low. Below this support lies the monthly $90,500 low.
If the price drops even further, lower supports for broader retracement come into play at $85,072, $81,500, and $77,200.
It is crucial that investors remain cautious and closely monitor the market developments to avoid unexpected losses due to over-optimism.
Source: nulltx.com
