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BITCOIN PRICE ANALYSIS & PREDICTION (December 24) – Bitcoin May Dip To $85k If This Channel’s Support Breaks, Down 12% Weekly
Losing over 12% in the past week, Bitcoin has been experiencing a turbulent period. The digital currency initially found temporary support and recovered to nearly $100k last weekend, only to lose momentum again and now sits at a crucial channel’s lower boundary.
The previous seven days have been particularly challenging for Bitcoin, as it plummeted to a two-week low. However, the cryptocurrency managed to stay above the $92k level on Friday and rebounded over the weekend, bringing some relief to the market. Unfortunately, it lost its grip once more and resumed its downward trajectory, currently trading at around $95.2k.
Despite facing rejection above the $100k level, Bitcoin’s current price action indicates a lack of buying pressure. If bulls regain control and step back into action, we can expect a new rally above the $100k threshold. This should sustain bullish momentum within the ascending channel before reaching an extreme overbought condition.
On the flip side, if this channel’s support is broken, Bitcoin may test a six-week low in the coming days. Below it lies crucial support levels at $92,232 and the important $90k level, with further support available at $85,072 and $81,500.
In conclusion, investors must carefully monitor Bitcoin’s current price action and be prepared for any eventuality. It is essential to stay informed about market developments to make well-informed investment decisions.
**Key Resistance Levels:**
$99,540
$106,648
$108,353
**Key Support Levels:**
$92,232
$85,072
$81,500
Source: nulltx.com
