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Bitcoin Technical Analysis: BTC’s Price Trends Show Consolidation at Key Levels

Author: Content Editor
The price of Bitcoin on December 1, 2024, is around $97,124 as the cryptocurrency market enters a consolidation phase. The 1-hour chart shows that Bitcoin has rebounded from a low of $95,758 and is now trading in a narrow range between $97,000 and $97,500. Traders are awaiting a breakout, with a move above $97,500 signaling bullish momentum and failure to sustain $96,500 potentially triggering a downside.

Key technical indicators are mixed, with the RSI at 67 and other indicators also indicating neutral signals. The 4-hour chart suggests an uptrend with higher highs and lows, but slowing momentum and declining trading volumes indicate exhaustion. Support is at $95,000 to $95,500 and resistance is at $98,745. A breakout above $98,745 could lead to a continuation towards $100,000, while a breach below $95,000 may test lower levels around $93,000. Moving averages support bullish trends.

The daily chart shows a strong uptrend since early November, reaching a lifetime high of $99,800 before facing resistance near $100,000. Support is at $95,000, and a breakout above $99,800 could push prices to $102,000 or higher. Volume spikes indicate strong buying interest, but declining activity suggests a need for renewed momentum.

Moving averages consistently point to bullish sentiment, with various periods indicating bullish conditions. Bitcoin's technical setup leans bullish, with consolidation near critical resistance levels and upward momentum on the 4-hour and daily charts. However, there are signs of exhaustion with declining momentum and volume, and key support at $95,000 is under threat, indicating a potential pullback if bulls fail to regain control.

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