Bitcoin Technical Analysis Report | 16th December 2024
Bitcoin has rebounded strongly from its weekly lows and is steadily advancing toward its all-time high of $104,088. Analysts project that the current crypto bull market will likely reach its first peak in Q1 2025. A recovery phase is anticipated to start by the fall, with major tokens expected to regain momentum and potentially reclaim their previous all-time highs by year-end. One concern, however, is the relative strength index (RSI), which is showing a negative divergencean early signal of waning bullish momentum.
At the time of writing, BTC was trading at $104,790.
BTC broke the psychological resistance level of $100,000 on 5th December and rallied up to $104,088. The asset made a Spinning Top candle that indicated indecision. Post this move, BTC started to consolidate between $94,500 to $102,500 with declining volumes. It has given a breakout above the range and made a new all-time high of $106,648 but with low volumes. To witness further rally, BTC needs to close and sustain above $104,000.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. | |
| $85,000 | $92,000 | BTC | $105,000 | $120,000 |
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