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Bitcoin Technical Analysis Report | 30th December 2024
As we approach the end of the year, it’s essential to take a step back and analyze the recent price movements in the crypto space. Our latest report highlights the current market sentiment and potential future directions.
The previous week has been quite eventful for Bitcoin (BTC). Despite the bears’ efforts to push the price below $85,000, the asset has managed to defend its key support zone. This resilience suggests that bulls are maintaining their positions, anticipating a significant upward move in the coming days.
However, it’s crucial to note that this bounce was short-lived as Bitcoin closed below the 50-day Simple Moving Average (SMA) at $96,124 on December 27. This signals a weakening hold by the bulls and potentially marks a shift in market sentiment.
As of now, BTC is trading at $93,240, indicating some consolidation around the $92,500 to $99,500 range with low volumes. The asset has formed an ‘Evening Star’ pattern after reaching an all-time high of $108,353, followed by a correction that dropped the price by 14.85% and fell to $92,232.
Moving forward, we can expect BTC to find strong support between $90,000 to $85,000. On the other hand, any moves above $100,000 and $108,000 will likely act as significant resistance levels.
In conclusion, our report highlights the uncertainty in the market, with Bitcoin’s inability to break through the aforementioned resistances, accompanied by a lack of volume, indicating caution is advised for traders.
This analysis has been compiled based on technical indicators.
Source: zebpay.com
