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Bitcoin delighted investors on Christmas Eve, rising from $92,300 to an intraday high of $99,400. The sharp rally has rekindled bullish sentiment as the price successfully held a key demand level, signaling strength and setting BTC up to challenge the psychological $100,000 milestone. Market participants are now keeping a close eye on Bitcoin’s next move and are expecting the momentum to continue in the coming days.
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Top analyst Carl Roonfelt shared a fascinating technical analysis on X, highlighting the formation of a symmetrical triangle for Bitcoin on the hourly time frame. This pattern often signals a period of consolidation before a significant breakout, and Roonfelt believes BTC is on the verge of such a move. A definitive break above this triangle could propel Bitcoin into price discovery, unlocking further gains and marking a critical moment in its current market cycle.
With support from strong demand levels and technical patterns aligning for a potential breakout, Bitcoin’s path to $100,000 looks clearer than ever. However, traders remain cautious as volatility may still play a role in the near term. All eyes are on the leading cryptocurrency as it enters a critical phase, with investors eagerly awaiting confirmation of a new phase in its historic bull run.
Bitcoin looks ready to rally again
It appears that Bitcoin price is poised for another rally in discovery, maintaining a bullish structure after holding key demand levels. This resilience underlines the market’s confidence in BTC’s ability to reclaim the $100,000 mark and push higher, with both analysts and investors closely monitoring its price action for confirmation.
Top analyst Carl Roonfelt recently Shared an insightful technical analysis on XA symmetrical triangle pattern highlighted on the hourly chart of Bitcoin. Symmetrical triangles often indicate a period of consolidation before a breakout, and Roonfelt suggests BTC is ready to break out to the upside.
He further identified $100,700 as a key level; Crossing it would signal strong bullish momentum, potentially taking Bitcoin to new all-time highs. Conversely, he cautioned that a drop to $95,200 would be a sign of weakness, indicating a bearish trend in the near term.
Runefelt’s analysis is in line with market sentiment, as many traders see Bitcoin’s current consolidation as a harbinger of significant upward movement. If BTC confirms a breakout above the triangle, it could trigger an increase in buying activity, sending the price into uncharted territory. However, failure to maintain momentum above critical levels could lead to increased volatility, which could challenge Bitcoin’s bullish outlook.
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For now, the leading cryptocurrency remains stable, with all eyes on the decisive $100,700 mark. If Bitcoin successfully breaks this resistance, it could ignite the next phase of its bullish run, confirming its position as the dominant force in the crypto market.
Price Action: Key Levels to Watch
Bitcoin is currently trading at $98,400, which represents a notable increase of 7% from its recent local low of $92,000. This recovery highlights renewed bullish momentum, with the price retesting the crucial 4-hour 200 EMA, a key indicator of short-term strength. BTC now faces a key hurdle as it attempts to break above the 4-hour 200 MA, which sits at $98,470.
Retesting the 200 MA would confirm Bitcoin’s bullish trajectory, potentially igniting aggressive buying activity to push the price above the psychological $100,000 mark. Breaking this level will not only strengthen market confidence but could also add further momentum, sending BTC to new all-time highs.
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On the other hand, failure to reclaim the 200 MA could result in Bitcoin consolidating below $100,000. This will likely trigger a period of sideways price action, with traders waiting for new catalysts to determine the next move.
Image displayed from Dell-E, chart from TradingView
