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**Bitcoin (BTC) Price Prediction for December 24**
The price of Bitcoin (BTC) is currently experiencing a decline after setting a local resistance level of $98,776. In the near term, it’s possible that the bears may seize control and push the price below the immediate support levels. As per current market analysis, it appears unlikely that bulls will maintain their initiative in the short term.
If we see no significant price action over the next 24 hours, a test of support by tomorrow is quite likely. In this scenario, any failure to break through the previous low could lead to further downward pressure on the markets.
Looking at the bigger time frame, it’s crucial for traders to focus on the nearest level of $99,514. A breakout above this level could propel the price towards the $100,000 zone and beyond.
However, from a midterm perspective, bears have failed to maintain their decline after a previous bearish bar closure. Nevertheless, it’s too early to expect a fast reversal, as not enough energy has been accumulated yet.
Under these circumstances, sideways trading in the range of $94,000-$100,000 is likely to continue for now. At press time, Bitcoin is trading at $98,447.
Article by Denys Serhiichuk
Source: u.today
