CandleFocus

Bitcoin Next Move Hinges On Critical $96,600 Region – Here’s Why

Author: Content Editor
The price of Bitcoin did not experience any overall gain in the past week as it continued to undergo a market correction. It struggled to break past the $100,000 resistance, causing its price performance in December to deviate from earlier bullish predictions. Market analysts have released projections on Bitcoin's potential price movement, with one technical analysis group using the Elliott Wave Theory to draft two forecasts. The white scenario suggests that Bitcoin has completed a B-wave and is currently moving in a C-wave towards a potential price target in the mid to low $80,000 range. The yellow scenario, on the other hand, indicates that the B-wave is still developing as part of a larger corrective structure. Bitcoin is currently trading at $94,790, experiencing a decline of 1.04% over the past 24 hours. The daily trading volume has increased by 10.35%. Market bulls are aiming to move above $96,600, but face opposition at $100,000. Overall, optimism remains high in the Bitcoin market, especially with the upcoming inauguration of US President-elect Donald Trump, expected to bring pro-crypto policies.

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