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bitcoin delighted investors with a surge on Christmas Eve, rising from $92,300 to an intraday high of $99,400. The rapid rally has rekindled bullish sentiment as the price successfully maintained a critical demand level, indicating strength and positioning btc to challenge the psychological milestone of $100,000. Market participants are now closely watching bitcoin's next move, anticipating continued momentum in the coming days.
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Prominent analyst Carl Runefelt shared compelling technical analysis on x, highlighting bitcoin's formation of a symmetrical triangle on the one-hour time frame. This pattern often indicates a period of consolidation before a significant breakout, and Runefelt believes btc is on the verge of such a move. A confirmed break above this triangle could prompt bitcoin to price discovery, unlock more gains, and mark a pivotal moment in its current market cycle.
With strong demand levels providing support and technical patterns lining up for a potential breakout, bitcoin's path to $100,000 appears clearer than ever. However, traders remain cautious as volatility could still play a role in the short term. All eyes are on the leading cryptocurrency as it enters a critical phase, with investors eagerly awaiting confirmation of a new leg in its historic bull run.
bitcoin Looks Ready to Rally Again
bitcoin appears poised for another rally toward price discovery, maintaining a bullish structure after maintaining critical demand levels. This resistance underlines the market's confidence in btc's ability to reclaim the $100,000 mark and rally higher, and both analysts and investors are closely monitoring the price action for confirmation.
Lead analyst Carl Runefelt recently <a target="_blank" href="https://x.com/TheMoonCarl/status/1871832041680990669″ target=”_blank” rel=”nofollow”>shared an insightful technical analysis on xhighlighting a symmetrical triangle pattern on the hourly chart of bitcoin. Symmetrical triangles often indicate a period of consolidation before a breakout, and Runefelt suggests that btc is about to break higher.
Additionally, he identified $100,700 as a key level; surpassing it would indicate strong bullish momentum, which could take bitcoin to new all-time highs. On the contrary, he warned that a drop to $95,200 would indicate weakness, signaling a bearish turn in the short term.
Runefelt's analysis aligns with market sentiment, as many traders see bitcoin's current consolidation as a precursor to a significant upward move. If btc confirms a break above the triangle, it could trigger a surge in buying activity, taking the price into uncharted territory. However, failure to maintain momentum above critical levels may lead to increased volatility, challenging bitcoin's bullish outlook.
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For now, the leading cryptocurrency remains stable, with all eyes on the fundamental mark of $100,700. If bitcoin successfully breaks this resistance, it could begin the next phase of its bull run, reaffirming its position as the dominant force in the cryptocurrency market.
Price Action: Key Levels to Watch
bitcoin is currently trading at $98,400, which is a notable 7% increase from its recent local lows of $92,000. This recovery highlights renewed bullish momentum, with the price reclaiming the critical 200 4-hour EMA, a key indicator of near-term strength. btc now faces a major hurdle as it attempts to surpass the 200 4-hour MA, which stands at $98,470.
Reclaiming the 200 MA would confirm bitcoin's bullish trajectory, which could trigger aggressive buying activity to push the price above the psychological $100,000 mark. Breaking above this level would not only bolster market confidence but could also trigger further bullish momentum, pushing btc to new all-time highs.
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On the other hand, a failure to recover the 200 MA could result in bitcoin consolidating below $100,000. This would likely lead to a period of sideways price action, where traders would wait for new catalysts to determine the next move.
Featured image of Dall-E, TradingView chart
