Bitcoin Technical Analysis Report | 24th December 2024
Bitcoin continues to face challenges in staging a recovery after a 9% decline last week, indicating cautious sentiment among bulls who appear reluctant to aggressively buy the dips. However, MicroStrategy stands out as an exception, having purchased 5,262 Bitcoin between December 16 and December 22, at an average price of approximately $106,662. While Bitcoin remains well below its all-time high of $108,353, a positive takeaway is the resilience of the $90,000 support level. Despite the pressure, bears have been unable to breach this critical zone, suggesting that bulls are holding their ground and showing confidence in their long-term positions.
At the time of writing, BTC was trading at around $94,200.
BTC, after giving a breakout above the Descending Channel, gave a massive rally and made a new all time high of $108,353. The asset made an Evening star pattern at the top and the prices witnessed a sharp correction. BTC fell almost by 14.75% and made the weekly low of $92,232. The asset has strong support at $90,000 and $85,000, whereas $100,000 and $108,000 will act as a strong resistance.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $85,000 | $90,000 | BTC | $100,000 | $108,000 |
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