Bitcoin Technical Analysis Report | 3rd December 2024
Bitcoin is consolidating just below the $100,000 mark, reflecting the bulls confidence in a continued uptrend. The crypto asset faces significant resistance near this psychologically pivotal level. However, the sustained position above the uptrend line is encouraging. The upward-sloping 20-day exponential moving average (currently at $92,114) and a positive relative strength index (RSI) signal that bullish momentum remains strong. This setup enhances the probability of a breakout above $100,000. Bitcoin has already recorded a 129% gain this year, driven largely by the impact of the 2024 U.S. Presidential election and the April 2024 halving event.
At the time of writing, BTC was trading at $97,600.
BTC, after making previous the all time high of $73,777, was trading in the Descending Channel forming a Bullish Flag pattern. The asset gave a breakout above the channel and made the new all time high of $99,588. Post this move, the prices are consolidating and trading between $94,000 to $98,000. The bulls are not able to break the psychological resistance level of $100,000. Once BTC breaks and sustains above $100,000 then we may expect it to rally further.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. | |
| $85,000 | $92,000 | BTC | $100,000 | $120,000 |
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