10:05 a.m. ▪
3
min read ▪ by
Eddy S.
Bitcoin hits $99,562, breaks a key resistance level and heads straight towards $100,000! However, what surprise awaits BTC? A rise towards $120,000 or an imminent correction to $92,000? Let’s explore technical trends and perspectives together.
Bitcoin: a crucial resistance level
Resistance at $98,309 played a crucial role in bitcoin’s current trajectory. Because, on the hourly chart, BTC was testing this level after rebounding from $97,277, with bullish candles indicating positive momentum. Additionally, bitcoin showed a consistent pattern of higher lows, reinforcing short-term bullish sentiment. Significant resistance at $98,951 prevented attempts to exceed, and a sustained move above this level propelled the price towards $100,000.
However, reduced trading volume and technical indicators reflected a largely neutral stance. Indeed, the relative strength index (RSI) was at 55, the stochastic oscillator at 81, and the commodity channel index (CCI) at 34. As well as the average directional index (ADX), at 20, suggested no predominant bitcoin trend direction.
Heading towards $120,000 or imminent correction?
Finally, reaching the $99,562 mark, bitcoin has broken these resistance levels and is heading towards $100,000, with an ambitious target of reaching $120,000 this January 2025. Investors are closely watching this rise, wondering if a new bullish stage is underway or if a correction is brewing.
Because, at $99,562, neutral indicators and the various indices could resurface, pushing bitcoin towards a correction. The RSI at 55 and the ADX at 20 signal possible consolidation. Additionally, if trading volumes remain low, a correction towards previous support levels between $95,000 and $92,000 could occur.
In short, bitcoin is not out of the woods yet. Despite having broken the resistance at $98,951, and its current direction towards $100,000, neutral indicators and weak trading volumes could precipitate a correction towards $95,000 to $92,000. Investors must therefore remain extremely cautious during this period.
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Basically a crypto community manager, I am interested in everything directly or indirectly related to blockchain and its derivatives. In order to share my experience and raise awareness of a field that fascinates me, there is nothing better than writing articles that are informative and relaxed at the same time.
