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Bitcoin Technical Analysis Report | 30th December 2024
As we close out the year 2024, it’s essential to analyze the current market sentiment and forecast what lies ahead for the crypto space. In this report, we will focus specifically on Bitcoin (BTC), as its recent performance has been a topic of intense debate among traders.
Bitcoin’s failed recovery attempts throughout the week indicate persistent selling pressure from bears at higher levels. Despite buyers’ inability to push the price above $100,000, they have managed to defend key support areas, thus limiting further losses. This resilience suggests that bulls are maintaining their positions in anticipation of a potential upward move.
It’s crucial to note that Bitcoin closed below the 50-day Simple Moving Average (SMA) at $96,124 on December 27th, which signals a weakening hold by the bulls and potentially indicates a shift in market sentiment. As of writing, BTC is trading at $93,240.
Following its all-time high of $108,353, Bitcoin has displayed an ‘Evening Star’ pattern, resulting in significant correction of nearly 14.85%. The price subsequently dropped to $92,232 before consolidating and trading within a range of $92,500 to $99,500 with low volumes.
The asset’s strong support zone remains between $90,000 and $85,000, while $100,000 and $108,000 will act as significant resistance.
Source: zebpay.com
