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Bitcoin Technical Analysis Report | 24th December 2024
The holiday season has brought a mix of emotions to the crypto market, with Bitcoin (BTC) struggling to break out of its recent consolidation phase. The asset has been under pressure since last week’s sharp decline, which saw prices plummet by approximately 9%. This sudden sell-off seems to have left investors in a state of cautious sentiment, causing them to hold their positions and avoid any aggressive buying.
However, it is worth noting that MicroStrategy has continued to defy the market trend, demonstrating unwavering confidence in its long-term investment strategy. In a surprise move, they purchased 5,262 Bitcoin between December 16th and 22nd, at an average price of approximately $106,662. This decision serves as a testament to their commitment to holding onto their assets for the long haul.
Despite the asset’s inability to retest its all-time high, it is crucial to acknowledge that the $90,000 support level remains unbroken. This resilience suggests that bulls are unwilling to surrender their positions and continue to display confidence in the cryptocurrency’s fundamentals. The price of Bitcoin currently stands at around $94,200.
The chart pattern analysis reveals a few notable trends. Firstly, the asset made an impressive rally after breaking out above the ‘Descending Channel’, reaching a new all-time high of $108,353. However, this upward momentum was quickly reversed due to the formation of an ‘Evening Star’ pattern at the top, resulting in a sharp correction. BTC subsequently fell by approximately 14.75%, touching its weekly low at $92,232.
Key levels that investors should keep an eye on include support zones at $85,000 and $90,000, as well as resistance areas at $100,000 and $108,000.
It’s essential to maintain a watchful eye on the cryptocurrency landscape as we head into the new year. As always, ZebPay will continue to provide in-depth analysis and insights to help our users make informed investment decisions.
Source: zebpay.com
