2024-12-10 14:57 |
Bitcoin’s recent surge above $100k has fueled more bullish sentiments among traders and investors, but on-chain metrics like CoinMarketCap suggest a possible pullback is underway as it reaches extreme greed.
Last Thursday, Bitcoin made another major move after trading calmly for weeks. That positive action alone put the asset in a more bullish state as it painted a fresh all-time high of $104,088 on Binance. It lost grip and plunged to a low of $90,500 that same day, creating a notable spike.
However, it recovered some ground and traded average at around the $100k level throughout the week. The price is currently down due to a 3% loss overnight. A continuous drop could result in more losses.
The general market outlook appears strongly bullish from a long-term perspective but things are likely to slow down a bit as the daily volume indicator is now on the fall. Looking at the daily chart, BTC volatility has been contracting for almost a month, reaching an overbought condition.
If Bitcoin advances bullishly, it may rally hard in the next few days. But from the look of things, it seems due for a correction. A drop below the $90k level could facilitate a small correction before rising back.
As it stands, the white ascending trendline is still providing support for the market. A break below it could signal an end to the latest uptrend.
BTC’s Key Levels To Watch Source: TradingviewAside from the mentioned ATH, there’s no key resistance level to stop the bulls in the next leg up. Once they push above it, a new high may surface at around $110,000 and potentially $115,000
Bitcoin’s key support right now is the $90,791 level. If the price breaks below it, the potential support for a retracement would be $85,072 and $81,500.
Key Resistance Levels: $104,088, $110,000, $150,000
Key Support Levels: $90,791, $85,072, $81,500
Spot Price: $99,430 Trend: Bullish Volatility: HighDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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