CandleFocus As Bitcoin Reclaims $100K, Will The Rally Push Above $106K?
2024-12-12
Author: Content Editor
Bitcoin (BTC) has reached the $100,000 milestone and experienced a rally, reaching a 24-hour high of $101,961. The market sentiment is positive, with a 2.85% recovery and the market cap approaching $2 trillion. However, there are concerns about a potential bearish slip following a short-term retest. The BTC price action suggests a triangle breakout rally, but there has been a minor pullback to retest the broken resistance trendline. Technical indicators continue to signal a buy for BTC, and institutional demand remains strong with growing inflows into U.S. Bitcoin spot ETFs. Fidelity recorded the highest inflow, followed by ARK N21 shares. The total net assets of U.S. spot Bitcoin ETFs have reached $113.72 billion. BTC is currently trading at $100,614 and is projected to retest the broken trendline. The immediate price target in the event of a bullish breakout is $106,921, while closing below the broken trendline could result in a test of the simple moving average line at $98,974.
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