Originally published on: December 06, 2024
Bitcoin is on the rise again, aiming to break through the $100,000 mark following a recent Wall Street open on December 6th. Despite a flash crash in the markets, BTC/USD saw a 2.7% price increase on the day, signaling a potential bullish trend.
Market volatility spiked after a brief cooldown period, with a $10,000 drop in a single hourly candle. However, seasoned trader Rekt Capital remains optimistic, stating that Bitcoin is following technical analysis principles with a daily close and retesting the main triangular market structure.
The daily chart showed a notable “Darth Maul” candle pattern, leading to liquidations of both long and short traders totaling $900 million in a 24-hour period. Despite this, trader Daan Crypto Trades remained confident in the market’s resilience, noting that over $4 billion in open interest was wiped out from the BTC market alone.
Financial analyst Caleb Franzen echoed this sentiment, suggesting that Bitcoin could see its highest daily close ever. The positive price momentum was further bolstered by encouraging macroeconomic data from the United States, including declining nonfarm payroll numbers and expectations of a Federal Reserve interest rate cut in December.
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