BitcoinLong
Weekly Market Outlook
After Bitcoin's ATH of $108,200 on December 21, 2024, its subsequent decline to $92,000 demonstrated the impact of profit-taking and reduced buying pressure. The current consolidation phase between $91,108 and $96,048, with strong support at $91,517, suggests market indecision as traders seek confirmation of the next major move.
The retracement to $99,000 on January 3, 2025, signals renewed bullish momentum, driven by optimism for the new year. The RSI at 68 indicates that the market is approaching overbought territory but still has room for upward movement. The bullish weekly candle and supportive moving averages further strengthen the case for a retest of $103,000.
However, it’s crucial to monitor macroeconomic factors, such as central bank policies or major geopolitical events, which could influence risk sentiment. Additionally, keeping an eye on Bitcoin’s trading volume during this rally will be essential to gauge the strength of the breakout. If volume increases, theres a high probability of breaking $103,000 and testing higher resistance levels. Conversely, low volume could signal a potential bull trap, with a return to the $91,500 support zone.
The retracement to $99,000 on January 3, 2025, signals renewed bullish momentum, driven by optimism for the new year. The RSI at 68 indicates that the market is approaching overbought territory but still has room for upward movement. The bullish weekly candle and supportive moving averages further strengthen the case for a retest of $103,000.
However, it’s crucial to monitor macroeconomic factors, such as central bank policies or major geopolitical events, which could influence risk sentiment. Additionally, keeping an eye on Bitcoin’s trading volume during this rally will be essential to gauge the strength of the breakout. If volume increases, theres a high probability of breaking $103,000 and testing higher resistance levels. Conversely, low volume could signal a potential bull trap, with a return to the $91,500 support zone.
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