bullish

Bitcoin

Resistance

<ul class="wp-block-list">
  
 <li>Bitcoin’s recent pullback consolidates above the monthly open, forming a potential base for a move toward $110,000.</li>   
 <li>Holding the $98,000 to $99,000 range is crucial for Bitcoin to maintain its bullish trajectory.</li>   
 <li>The $110,000 level represents a significant psychological and technical barrier for Bitcoin traders this week.</li> 
</ul>   
<p>The small price changes on Monday has seen BTC receive both positive and negative sentiment from traders. While the price has corrected slightly, the charts show that <a href="https://cryptonewsland.com/270000-bitcoin-price-prediction-cycle-top-target/" target="_blank" rel="noreferrer noopener">Bitcoin</a> may now be targeting $110,000 for the week. The modes in trend charting that attract much attention from market analysts are current support and the possibility of additional upside should they remain intact.</p>   
<h2 class="wp-block-heading" id="h-monday-s-pullback-sparks-concern">Monday’s Pullback Sparks Concern</h2>   
<p>Some traders became worried during the initial part of the week due to a slight decrease in the Bitcoin price despite the continued increase although at a slow rate. While a part of the community attributes the pullback as a sign of top for the upward movement, some point to some consolidation after high increases. There is however fundamental negativity mixed with positivity, essentially bear sentiment mixed with bull sentiment.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/CryptoJelleNL/status/1866029855814689069 
 </div>
</figure>   
<p>Price graphs show that Bitcoin is still in a <a href="https://cryptonewsland.com/bitcoin-sees-healthy-correction-as-btc-price-dips-over-5/" target="_blank" rel="noreferrer noopener">bullish</a> configuration as price action stays above the monthly opening price bar. Indeed, the breakout above previous resistance levels has transformed them into new supports which lends credence to the developmental model. The specific estimate and short-term targets is that this $98,000 to $99,000 range is now a critical area that needs to be defended to be able to challenge $110,000.</p>   
<h2 class="wp-block-heading" id="h-resistance-and-targets">Resistance and Targets</h2>   
<p>The $110,000 level which was pointed out by the traders is the psychological level. Should the price of Bitcoin rise above this channel, it is likely to create more buying alarms and thus propel the price discovery mechanism further. This is nonetheless said with some amount of caution because the above listed factors may be volatile especially if shifts in macroeconomic occurrences or news on regulations comes into play.</p>   
<p>The rise of Bitcoin comes against a backdrop of generally positive expectations for cryptocurrencies in the markets. Some of the recent drivers include a rise in institutional buying and enhancing market depth. The compared values of the stock index continue to reveal that the broader economic environment, – including interest rate policies and inflation data – remains a determinant in market behavior.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-holds-above-98k-support/">Bitcoin Bulls Target $110K, but Can Support Levels Hold the Momentum?</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Bitcoin Bulls Target $110K, but Can Support Levels Hold the Momentum?

Table of Contents

Crypto News Land

Other articles published on Dec 9, 2024

MicroStrategy Adds 21,550 BTC—Now Owns 2% of Bitcoin Supply

BlackRock Expands Its Cryptocurrency Holdings Significantly

South Korea’s Main Opposition Party to Abolish Capital Gains Tax on Investments as Planned

Next Cryptocurrency to Explode, 9 December — DOGS, IDEX, Pepe, Artrade

Small-cap crypto lead $1.7 billion liquidation, market cap falls 6%

KIMA/USDT Pool Drives Liquidity Growth on PancakeSwap

Join our free newsletter for daily crypto updates!