The Bitcoin bullish momentum is driving its price past $98,000, bringing the market closer to a potential $2 trillion cap. In the last twenty-four hours, the value of Bitcoin has increased by 4.56%, which is an indication of a robust recovery. Because the demand for other cryptocurrencies is seeing enormous returns, short sales have reached $149.46 million.
This is occurring concurrently with the increase in the price of Bitcoin. Conversely, the liquidation has amassed a total of $252.67 million, while the long-side liquidation is $103.22 million, with the odds now favouring bulls over whether Bitcoin will surpass $100,000 before 20 arises.
Bitcoin’s Double-Bottom Reversal
The price of Bitcoin shows a double-bottom reversal from the $93,000 level, which functioned as a strong support when seen on the four-hour chart. This reverse occurred after the price reached $93,000. As previously indicated, Bitcoin (BTC) returned and reached $97,000, displaying a rising star pattern on the daily chart. This occurred when Bitcoin was displaying the pattern. The double-bottom turnaround on the 4-hour chart is trying to break through the neckline at $99,000. This is the presently current price.
The subsequent positive rebound resulted in a positive crossover between the lines of the 20 exponential moving average and the 200 exponential moving average. The price movement on the 4-hour chart is between 50 and 100 exponential moving averages (EMAs). That is the range of the volatility.
Additionally, the line representing the 4-hour Relative Strength Index has lifted above the level representing the halfway point, which shows buyers are growing more enthused. The fact that the fundamental indicators are progressively becoming positive increases the possibility that a breakout rally will occur.
Bitcoin ETF Outflows Persist
The U.S. spot Bitcoin exchange-traded funds (ETFs) have maintained a negative net flow for the fourth day, indicating that institutional support for Bitcoin has not yet rebounded. On December 24, the overall daily net outflow was $338.38 million. We recorded this figure.BlackRock reported an outflow of $188.71 million, while Fidelity reported an outflow of $83.16 million. Over the previous several days, the net outflow has reduced the overall net assets to $110 billion.
BTC Price Target $102K
The price may increase to $102,557 if it breaks through the neckline at $99,000. This is because the present levels of price activity indicate that it is likely to happen. This situation will occur assuming that the price can maintain its current level. In addition, there is the risk that a bullish failure might lead to a retest of the line that symbolizes the 200-day exponential moving average, located near $96,293.
Also Read:Bitcoin Spot Perpetual Gap Hits Record Low in 2024
Summary
The price of Bitcoin has gone over $98,000, and its market value is getting close to $2 trillion, showcasing Bitcoin’s bullish momentum and indicating a strong comeback. This increase of 4.56% in the last 24 hours highlights the continued Bitcoin bullish momentum despite $149.46 million in short sales and $103.22 million in long-side liquidations. The market is hopeful that Bitcoin will reach more than $100,000 before 2025.
At the $93,000 level, a double-bottom turnaround pattern shows strong support, and Bitcoin’s price is now trying to reach the $99,000 level. A crossing of the 20 and 200 exponential moving averages and a rising Relative Strength Index are two positive technical signs that point to a possible breakout rise. But U.S. Bitcoin exchange-traded funds (ETFs) have been losing money steadily.
BlackRock reported an outflow of $188.71 million, and Fidelity reported an outflow of $83.16 million. The net assets have decreased to $110 billion because of these withdrawals. Bitcoin could go after $102,557 if it gets through the $99,000 mark. If the bulls fail, the price could return to the 200-day exponential moving average of around $96,293.
