Why is Bitcoin Price not Rallying Today?
Anjali Belgaumkar4 Dec 20242 min read
Bitcoin is currently showing a bearish signal in the short term, as expected. The price is forming a new pattern, and Bitcoin whales are closing large long positions. At the time of writing, Bitcoin is slightly trading above the $96,500 level and has slipped into the red zone.
Bitcoin Whale Activity
Bitcoin whales are closing long positions. Over the past day, 6,000 Bitcoin worth of long positions have been closed, amounting to over $500 million. This could mean profit-taking or anticipation of a pullback in the short term.
According to analyst Josh of Crypto World, we’re technically in a bull market, but we are starting to lose some short-term momentum. This is common in bull markets, as we saw a similar pattern last year. Around October and November, Bitcoin showed strong bullish movement but also had a period of sideways action.
Bullish Momentum Fading
Right now, the weekly Bitcoin MACD shows signs of losing momentum, suggesting it may see more sideways consolidation in the coming weeks. This is normal during a larger bull market.
Resistance at $100,000
Bitcoin is facing significant resistance at $100,000, driven by both a psychological barrier and the 1618 Fibonacci extension level at $102,000. This is why the price is struggling around that area.
Support Levels
If BTC sees a pullback, the key support level is around $89,000. On the 3-day chart, BTC has support at $89,000, with a more significant level at $87,000 in case of a larger dip.
Price Target if Bitcoin Breaks $100,000
If Bitcoin breaks above $100,000, the next price target is around $113,000 based on the 2618 Fibonacci extension. The analyst expects choppy sideways action for the next week or two before a potential breakout above $100,000.
FAQs
- The BTC price may range between $93,500 and $98,000 for today.
