Bitcoin hit $ 99,000 again on Christmas Day, leading to a slight rebound in the cryptocurrency market. Bitcoin’s Battle, At the same time, several year-end surveys revealed a significant increase in the use of cryptocurrencies worldwide. Interest in Bitcoin increased following Russia’s announcement that it would accept the cryptocurrency in international transfers.
Bitcoin Struggles at $90K
More specifically, the Bitcoin price cycle is struggling to break above the $ 90,000 area, which is a significant hurdle. As mentioned earlier, the cryptocurrency first tested the $ 99,000 threshold this week, on Christmas Day. But prices couldn’t hold on, so they started to fall again. According to CMC statistics, the current price of Bitcoin is $ 98,268.
Meanwhile, whales are moving tokens between anonymous wallets as they resume their whale activities. While waiting for the end of the consolidation, the market is in a WAIT position. During the 1.51 million buying spree, analysts estimated that $ 97,300 would be the critical support level for Bitcoin.
Bitcoin $100K the Technical
Looking at the technical indicators for Bitcoin, we have conflicting indications. When the MACD line is lower than the MACD signal line, it means that the environment is negative. Bitcoin’s Struggle: However, its bull power indicator value is 6.51, according to TradingView data. Bitcoin bulls currently have a window of opportunity, as its bear power indicator value is -2.75.
This temporary advantage could be used to help Bitcoin regain its $100,000 mark before the formal end of 2024. Resistance in its current price cycle is seen at two important levels – $99,369 and $99,974. Meanwhile, other cryptocurrencies like XRP and Ethereum have seen small declines during the last 24 hours.
Recent Price and Market Trends 2024
Despite huge price swings in 2024, Bitcoin has failed to sustain gains above the $99K mark. Bitcoin briefly entered the $99K zone on Christmas Day but could not sustain this position, eventually retracing to $98,268. With the $99K barrier still standing in the way, many are wondering if Bitcoin will be able to reach $100,000 by the end of the year. Nonetheless, there have been several encouraging occurrences in the cryptocurrency market, which may lend credence to an optimistic prediction of Bitcoin’s future price.
The growing interest in Bitcoin and its growing institutional adoption fuel this budding optimism. Several countries, including Russia, have started accepting Bitcoin for international financial transactions, which has significantly increased the popularity of Bitcoin and other cryptocurrencies. A major reason for Bitcoin’s rise could be its growing popularity as a medium of exchange and store of value.
Summary
Bitcoin briefly rebounded, testing the $ 99,000 level on Christmas Day, supported by positive news such as Russia adopting Bitcoin for international transfers. Bitcoin’s Battle is meeting resistance at 90K, struggling to maintain momentum above 99K, currently around 98,268. Analysts predict $ 97,300 as a critical support level as whales move tokens, suggesting market consolidation. Despite mixed technical indicators, Bitcoin bulls have a temporary advantage to reach $ 100,000 by the end of 2024, with resistance remaining at some key price levels.
