CandleFocus Bitcoin (BTC) Fall Below $97,000 Could Open Doors for New Buyers, Data Suggests
2024-12-25
Author: Content Editor
Despite a recent setback in which Bitcoin's price dropped below $97,000, on-chain analysis suggests that this could be an opportunity for new buyers to accumulate the cryptocurrency. The drop in price is likely due to increased selling pressure, but historical data shows that intensified selling often leads to renewed accumulation and potential price increases. Crypto analyst MAC_D also agrees with this sentiment, noting that a bounce for Bitcoin could be on the horizon. The rate of profit-taking among Bitcoin holders also supports this outlook, as investors have been keeping their assets instead of liquidating them. The current support level for Bitcoin is at $92,888, and if the price can trade higher and reach $104,299 in the short term, it could even rise to $108,386 in a highly bullish market. However, a decline below the support level could invalidate this prediction and cause Bitcoin's price to drop to $92,144.
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