Will Bitcoin Price Break Out of Its Consolidation Phase at $96K?
Advertising
- Bitcoin has experienced a modest 0.49% price dip in the last 24 hours.
- Investors anticipate whether the cryptocurrency will hit $100K this month.
The cryptocurrency market has remained bullish in the last 24 hours, as indicated by the market cap showing a 1.12% increase. However, signs of monthly first-week slumber can be detected, particularly in the leading assets. On the other hand, the market itself has remained quite active, with Michael Saylor’s Bitcoin advocation and altcoins surging.
Meanwhile, the largest cryptocurrency, Bitcoin, has incurred a modest price dip of 0.49% in the past day. This downward trend has caused the token to fall back to the $95K level. Bearish candles have pulled Bitcoin’s price down by almost a thousand dollars. At the time of writing, BTC was trading at $96,119, as per CMC data.
This price activity reflects a prolonged consolidation in Bitcoin price activity. The digital asset’s weekly chart further highlights the phase while showing a modest price increase of 1.67%.
Seven days ago, Bitcoin’s price was just recovering from its $92K slump caused by the liquidations of long-term holders. Looking for reassuring insights from the community, market expert Ali (@ali_charts) states that Bitcoin must hold above $96,175. In such a case, the bulls are in favor.
As long as #Bitcoin $BTC holds above $96,175, the odds favor the bulls! pic.twitter.com/18097DlAPF
— Ali (@ali_charts) December 1, 2024
Although the cryptocurrency seems to have bounced back, it shows strong resistance at $97,000 after this recent dip. Additionally, in the past day, fueled by Michael Saylor’s proposing Bitcoin to Microsoft the token tested $97K.
Is Bitcoin Price Waiting For Bullcember to Hit $100K?
The cryptocurrency’s technical indicator RSI stands at 63.59 after leaning towards an overbought situation earlier as per TradingView data. This is suggestive of a neutral investors’ sentiment indicating possibilities for incoming bull runs. Additionally, Bitcoin is also trading closer to Ali’s predicted price of $96,175 in the past hour.
Moreover, the asset’s long-term bull power indicator value is 11.67, while the bear power indicator value is -1.29. This shows that Bitcoin still holds an opportunity to stage its bull run.
Additionally, historic data elucidates several consolidation phases between bullish cycles as reflective of current market conditions. Meanwhile, Ethereum has also shown a modest price dip in the past day.
Highlighted Crypto News Today:
XRP Hits Six-Year High of $2.71 Amid $156B Market Cap Surge
