Originally published on: December 09, 2024
Bitcoin made a historic move with its first weekly close above $100,000 amidst a volatile start to the trading week. However, this milestone was short-lived as BTC/USD dipped below $99,000, showing a 2.8% decline at the time of writing.
Market analysts pointed out that several factors, including nearby resistance levels, hindered Bitcoin from pushing higher towards price discovery. Traders are now closely monitoring the $98,000 area for support to gauge the market’s strength and demand.
While some remain cautious, predicting a potential pullback to fill a $92,000 candle wick, others are optimistic about Bitcoin’s future trajectory without hitting this mark. Additionally, macroeconomic factors such as the Consumer Price Index and Federal Reserve interest rate decisions are shaping market sentiment.
China’s plans to relax fiscal policy next year could inject liquidity into the markets, providing a potential boost for Bitcoin. Institutional adoption is also in the spotlight, with Microsoft and Amazon considering adding BTC to their balance sheets.
Despite the recent highs, Bitcoin may face a consolidation period with resistance levels to overcome. An analysis by CryptoQuant suggests corrective price moves in the short term, indicating a potential trading range for BTC/USD.
While the future of Bitcoin’s price remains uncertain, it’s essential for investors to conduct thorough research and analysis before making any investment decisions. Stay informed and subscribe to our Markets Outlook newsletter for the latest insights and trends in the market.
