Bitcoin Technical Analysis Report | 9th December 2024
Bitcoin is locked in a fierce contest between bulls and bears around the $100,000 mark, a level of significant psychological and technical resistance. Despite the challenges, bulls are demonstrating resilience, avoiding major sell-offs, and maintaining a tight price consolidation near this milestone. Such stability at a key threshold often signals the potential for an upside breakout. The broader crypto market has also been energised by macroeconomic events, including Donald Trumps U.S. presidential victory. This political shift has not only bolstered Bitcoin but has also sparked rallies in several altcoins, reflecting renewed investor enthusiasm across the crypto space.
At the time of writing, BTC was trading at $99,500.
BTC, last week, finally crossed the psychological level of $100K mark and made the new all time high of $104,088. The asset has made a long Spinning Top candle at the top, which indicates indecision at these levels. We may see some consolidation or a minor profit booking. $90,000 and $85,000 will act as strong support, whereas, to further rally, BTC has to break the new all time high of $104,088.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. | |
| $85,000 | $92,000 | BTC | $105,000 | $120,000 |
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