Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12422
Markets: 95989
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12422
Cryptocurrencies
55.65%
Bitcoin Share
coinpedia 2025-01-03 06:30:32

Bitcoin Hits $97,000-Is This a Fake Breakout or the Start of a Fresh Bullish Action for a New ATH?

Bitcoin Hits $97,000-Is This a Fake Breakout or the Start of a Fresh Bullish Action for a New ATH?

The post Bitcoin Hits $97,000-Is This a Fake Breakout or the Start of a Fresh Bullish Action for a New ATH? appeared first on Coinpedia Fintech News Bitcoin officially turns 16, with the genesis block being mined for the first time this day. Nevertheless, the price remains consolidated within a narrow margin, suggesting a continuation of a sluggish trend for some more time. However, the rise in the spot ETF accumulation, which now holds over 5.7% of the total supply, flutters bullish flags over the crypto. On the other hand, the retail traders are constantly taking profit on BTC, suggesting a drop in their confidence over the token. In such a scenario, is a new ATH above $110K still viable? The sluggish close for the year 2024 was believed to have a negative impact over the trade in 2025. Meanwhile, the bullish rebound from the interim lows is close to $91,000, reviving the bullish hoopes with a possibility of securing $100K. However, the profit taking over the crypto has surged to a large extent that may have kept the token within the consolidated range. As per the data shared by the popular analyst, ALI , the traders holding long positions have closed significantly. The long positions have seen a significant drop from 66.33% to as low as 56.85% in the past 24 hours. This indicates the traders are still uncertain over the upcoming price action and as a result, they have been closing the positions. This has caused the price to remain consolidated within a narrow range, preventing the BTC price from rising above the resistance zone just below $100K. However, the technicals are turning bullish, indicating the price may overcome the persisting consolidated phase and eventually mark a new high. The price is testing the crucial resistance at the 50-day MA, which has attracted a significant upward pressure. Meanwhile, the MACD has displayed a drop in the selling pressure while the levels are about to undergo a bullish crossover. Moreover, the bull market support band (BMSB) is also heading for a similar crossover in the daily chart, which suggests the price may undergo a fresh bullish action soon. Regardless of the technicals turning bullish, the token is expected to remain consolidated within a range for a while. Mainly because the volume over the platform has dropped significantly. On the other hand, the BTC exchange reserves have also plunged heavily, suggesting the market participants are bullish on Bitcoin in the long term. As a result, they wish to hold instead of keeping the tokens over the exchange and perform a trade. Therefore, the Bitcoin (BTC) price is believed to maintain the horizontal consolidation below $100K until it receives the required volume to trigger a strong breakout.

Most Read News



Cryptohopper
hardware wallets, hardware , wallets, Crypto Currency, Cryptocurrency hardware wallets, Crypto Apparal, crypto wallet, Cryptocurrency wallets

Market Cap
24h Vol
55.65%
Bitcoin Share
53
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.