Will Bitcoin (BTC) recapture the $100K level before the 2025 New Year’s Eve as bulls spring back into action?
As Bitcoin’s price resurfaces above the $98,000 mark, its market cap is closing in on the $2 trillion valuation once again. Over the past 24 hours, Bitcoin has increased by 4.56%, signaling a bullish recovery.
Amid the BTC price surge, the crypto market is witnessing dramatic rebounds in altcoins, driving liquidations from shorts to $149.46 million. However, the total liquidation has reached $252.67 million, including $103.22 million worth of long-side liquidation.
With the tables turning to favor the bulls, will Bitcoin reclaim the $100,000 barrier before 2025?
BTC Price Analysis
In the 4-hour chart, BTC’s price action showcases a double-bottom reversal from the crucial support of the $93,000 level. As predicted in our previous article, BTC bounced back to surpass the $97,000 level with a morning star pattern on the daily chart.
Currently, the double-bottom reversal in the 4-hour chart is testing the neckline at the $99,000 level.
The bullish recovery has resulted in a positive crossover between the 20 and 200 EMA lines. Meanwhile, the current price action ranges between 50 and 100 EMAs in the 4-hour chart.
Furthermore, the 4-hour RSI line has crossed above the halfway level, signaling a boost in buying pressure. Hence, the technical indicators are gradually turning bullish, increasing the chances of a breakout rally.
Bitcoin ETFs Continue to Bleed
Meanwhile, institutional support for Bitcoin is yet to resurface as the U.S. spot Bitcoin ETFs maintain a negative net flow for the fourth consecutive day. On December 24, the total daily net outflow stood at $338.38 million.
Out of this, BlackRock recorded an outflow of $188.71 million, followed by Fidelity, which recorded an outflow of $83.16 million. Over the past few days, the net outflow has dropped the total net assets to $110 billion.
Bitcoin Price Targets
Based on the price action levels, the breakout of the $99,000 neckline will likely result in a price jump to the $102,557 mark. On the flip side, a bullish failure could result in a retest of the 200-day EMA line at $96,293.
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