Bitcoin impressed investors with its Christmas Eve surge, climbing from $92,300 to an intraday high of $99,400. The rapid rally has reignited bullish sentiment as the price successfully held a critical demand level, signaling strength and positioning BTC to challenge the $100,000 psychological milestone. Market participants are now closely watching Bitcoin's next move, anticipating a continued move in the coming days.
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Lead analyst Carl Runefelt shared a solid technical analysis of X, highlighting how Bitcoin formed a symmetrical triangle on the hourly time frame. This pattern often indicates a period of consolidation before a major breakout, and Runefelt believes that BTC is on the verge of such a move. A confirmed break above this triangle could lead Bitcoin to price discovery, unlocking further gains and marking a critical moment in its current market cycle.
With strong demand levels providing support and technical patterns aligning for a breakout, Bitcoin's path to $100,000 appears clearer than ever. However, traders remain cautious as volatility may still play a role in the short term. All eyes are on the major digital currency as it enters a critical phase, with investors eagerly awaiting confirmation of a new leg of the historic bull run.
Bitcoin looks ready to rally again
Bitcoin appears to be headed for another rally into price discovery, maintaining a supportive structure after maintaining critical demand levels. This resilience reinforces the market's confidence in BTC's ability to regain the $100,000 mark and push higher, with both analysts and investors closely watching its price action for confirmation.
Senior analyst Carl Runefelt recently share visual technical analysis of Xhighlighting the symmetrical triangle pattern on the Bitcoin hourly chart. Symmetrical triangles often indicate a period of consolidation before a breakout, and Runefelt suggests that BTC is ready for a breakout.
He also identified $100,700 as a top rate; crossing it would signal a strong bullish trend, which could propel Bitcoin to new all-time highs. On the other hand, he warned that a drop to $95,200 would signal weakness, indicating a short-term bearish turn.
Runefelt's analysis aligns with market sentiment, as many traders see Bitcoin's current consolidation as a precursor to a major upward move. If BTC confirms a breakout above the triangle, it could trigger an increase in buying activity, driving the price into uncharted territory. However, failure to move above critical levels could lead to higher volatility, challenging Bitcoin's bullish outlook.
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For now, the main digital currency is holding steady, with an eye on the important $100,700 mark. If Bitcoin succeeds against this, it could ignite the next phase of its bull run, reaffirming its position as a dominant force in the crypto market.
Price Action: Key levels to watch
Bitcoin is currently trading at $98,400, marking a notable increase of 7% from recent local levels of $92,000. This recovery indicates renewed bullish momentum, with the price retrieving the critical 4-hour 200 EMA, a key indicator of short-term strength. BTC is now facing a major hurdle as it tries to push above the 4-hourly 200 MA, which is at $98,470.
Retrieving the 200 MA would confirm Bitcoin's bullish trajectory, potentially igniting aggressive buying activity to move the price above the psychological $100,000 mark. Breaking this level would not only bolster market confidence but could also trigger a further upside move, pushing BTC into new all-time highs .
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On the other hand, if the 200 MA is not recovered then Bitcoin could consolidate below $100,000. This is likely to lead to a period of sideways price action, with traders waiting for new catalysts to determine the next move.
Featured image from Dall-E, chart from TradingView
