CandleFocus Bitcoin Price Analysis: Can Bulls Drive BTC Beyond $100K?
2024-12-25
Author: Content Editor
Bitcoin has seen a bullish recovery, with its price reaching above $98,000 and its market cap approaching a $2 trillion valuation. This surge has also led to rebounds in altcoins and significant liquidations from shorts. The price action for Bitcoin suggests a double-bottom reversal and a positive crossover between the 20 and 200 EMA lines, indicating a potential breakout rally. However, institutional support for Bitcoin, particularly in the form of U.S. spot Bitcoin ETFs, remains negative. If Bitcoin breaks above the $99,000 neckline, it could jump to $102,557, but a failure could result in a retest of the 200-day EMA line at $96,293.
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