United

Bitcoin

Reserve

Rekt

Daily

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) headed back toward $100,000 after the Dec. 6 Wall Street open as markets recovered from a new flash crash.
<figure>
 <img alt="Bitcoin aims for $100K as analyst sees record BTC price daily close" src="https://s3.cointelegraph.com/uploads/2024-12/01939cc8-9f27-7ecf-82ad-36c93efcd290" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
 </figcaption>
</figure>
<h2 id="bitcoin-leaves-92-000-dip-in-the-dust">Bitcoin leaves $92,000 dip in the dust</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed 2.7% BTC price gains on the day.
Market volatility edged higher after a cooling-off period, which <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-plummets-btc-price-longs-liquidated" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-plummets-btc-price-longs-liquidated">followed a $10,000 drawdown</a> over a single hourly candle.
“Despite tremendous volatility... Bitcoin is respecting textbook TA principles with a Daily Close followed by a retest of the top of the main triangular market structure,” popular trader and analyst Rekt Capital summarized in his latest X <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1865053799980679357" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/rektcapital/status/1865053799980679357">analysis</a>.
<blockquote>
 “And the post-breakout retest is successful thus far.”
</blockquote>
<figure>
 <img alt="Bitcoin aims for $100K as analyst sees record BTC price daily close" src="https://s3.cointelegraph.com/uploads/2024-12/01939cc5-2ec9-7aa0-97eb-b26c5862e64c" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: Rekt Capital/X
 </figcaption>
</figure>
An accompanying chart revealed a so-called “Darth Maul” candle on daily timeframes, with both long and short traders <a data-ct-non-breakable="null" href="https://www.coinglass.com/LiquidationData" rel="nofollow noopener" target="_blank" text="null" title="https://www.coinglass.com/LiquidationData">liquidated</a> to the tune of $900 million over 24 hours.
Reacting, fellow trader Daan Crypto Trades was unfazed.
“Yesterday saw close to $4B in Open Interest wiped out from the market. This was on BTC alone. ETH saw close to $1.5B wiped out but held better in the end,” he <a data-ct-non-breakable="null" href="https://x.com/DaanCrypto/status/1865003505590944215" rel="null" target="null" text="null" title="null">noted</a>.&nbsp;
<blockquote>
 “These kind of flushes are pretty normal in a bull market and will happen more often. It’s the only way we keep going.”
</blockquote>
<figure>
 <img alt="Bitcoin aims for $100K as analyst sees record BTC price daily close" src="https://s3.cointelegraph.com/uploads/2024-12/01939cc5-d7e3-7fd6-b1dd-617f97b4af75" title="">
 <figcaption style="text-align: center;">
 BTC liquidations (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Caleb Franzen, creator of financial research resource Cubic Analytics, was no less optimistic.
“Bitcoin could have its highest daily close ever today,” he <a data-ct-non-breakable="null" href="https://x.com/CalebFranzen/status/1865033866169201016" rel="null" target="null" text="null" title="null">told</a> X followers.&nbsp;
<blockquote>
 “That doesn’t happen during a bear market.”
</blockquote>
<h2 id="markets-lock-in-fed-rate-cut-bets">Markets lock in Fed rate cut bets</h2>
The BTC price rebound was aided by cathartic United States macro data on the day.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-metric-bearish-october-warns-analyst-10k-dip" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-price-metric-bearish-october-warns-analyst-10k-dip">Bitcoin price metric ‘bearish since October’ warns analyst amid $10K dip</a>
Nonfarm payrolls (NFP) numbers showed declining labor market strength, and market expectations of an interest rate cut from the Federal Reserve in December increased as a result.
Data from CME Group’s <a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="nofollow noopener" target="_blank" text="null" title="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">FedWatch Tool</a> put the odds of a 0.25% cut at the Fed’s Dec. 18 meeting at nearly 89% at the time of writing. A week previously, they were at 68%.
<figure>
 <img alt="Bitcoin aims for $100K as analyst sees record BTC price daily close" src="https://s3.cointelegraph.com/uploads/2024-12/01939cc6-7d2c-70fa-9103-4b77163787a3" title="">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
 </figcaption>
</figure>
“At the same time, September and October employment was revised higher by 56,000 jobs,” trading resource The Kobeissi Letter <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1865039792171319446" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/KobeissiLetter/status/1865039792171319446">acknowledged</a>.
<blockquote>
 “The number of mixed signals in the labor market data is alarming. The labor market is weaker than it appears to be.”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin aims for $100K as analyst sees record BTC price daily close

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