Bitcoin Price Outlook: Unpredictable Behavior Requires Vigilance in Market Conditions

BITCOIN PRICE ANALYSIS & PREDICTION (December 24) – Bitcoin May Dip To $85k If This Channel’s Support Breaks, Down 12% Weekly

The past week has been a rollercoaster for Bitcoin, with the price plummeting by over 12%. However, after finding temporary support and recovering quickly to nearly $100,000 last weekend, it is now struggling to maintain its upward momentum. As of this writing, Bitcoin sits at a critical channel’s lower boundary.

In the recent past, Bitcoin has been showing unpredictable behavior, making it difficult for analysts to accurately predict its future trajectory. Despite this volatility, one thing is certain: the current market conditions make it essential to remain vigilant and flexible with our expectations.

Over the weekend, the price briefly held above the $92,000 level before losing momentum once again. The bears are showing signs of regaining control, and if they do, a drop to a six-week low could be on the horizon. This downward movement would likely push the price below the critical levels at $85,072 and $81,500.

On the other hand, if the bulls regain control and successfully break above the current resistance, we can expect a renewed rally that may take Bitcoin’s value back up to $100,000 or even higher. However, any failure to do so would put pressure on the channel’s support, potentially triggering a bigger drop in the coming days.

The critical levels of interest in this market include key resistance at $99,540 and $106,648, followed by $108,353. In contrast, we have key support levels at $92,232 and below that at $90,000.

It is crucial for traders to closely monitor Bitcoin’s price action over the next few days to determine which direction it will take.

Source: nulltx.com