CandleFocus Bitcoin Price Analysis: Bulls Target $97K Amid Doji Formation
2024-12-24
Author: Content Editor
The price of Bitcoin (BTC) has dropped below the $94,000 support level, leading to crypto liquidations totaling $242.21 million. However, the difference between long and short liquidations has significantly decreased. The Doji formation on Bitcoin's chart suggests the possibility of a rebound, but the intraday pullback limits the chances. Despite this, Bitcoin is still trading above the 50-day EMA line, indicating the potential for a comeback. The RSI line has dropped to 42.38, nearing the oversold boundary line, maintaining a bearish outlook. Institutional support for Bitcoin has not resurfaced, with U.S. spot Bitcoin ETFs experiencing a daily net outflow of $226.56 million. Based on price analysis, the downtrend may continue to challenge the dynamic support at $92,556, while the chance of a Morning Star pattern challenging the 20-day EMA at $97,896 remains. If a bullish failure occurs, there may be a retest of the $90,000 support level.
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