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Bitcoin retreats once again after breaking below $100,000

Technical Analysis
By Mostafa Mahmoud
Bitcoin retreats once again after breaking below $100,000
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Bitcoin

بيتكوين 26-12-2024

Bitcoin is hovering around the support level of $97,480, and prices are likely to break below it, targeting the support level of $94,320. This scenario would be invalidated if the resistance level of $100,750 is breached to the upside.

Support

 97480 94320 86420
Resistance 100750 104600

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The recent performance of Bitcoin shows a significant price increase, indicating renewed investor interest and growing positive sentiment in the cryptocurrency market. After a period of fluctuation, Bitcoin experienced an upward movement today that surpassed key resistance levels, suggesting the possibility of sustained bullish momentum. Technical indicators, such as the Relative Strength Index (RSI), demonstrate strengthened momentum. From a financial perspective, this rise can be attributed to improved macroeconomic conditions and increased institutional adoption, reflecting Bitcoin’s growing role as a safe haven and a hedge against inflation. However, traders should exercise caution regarding potential volatility and monitor key resistance levels to assess whether the current rally can maintain its momentum or face a potential correction.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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