Bitcoin

Reserve

Daily

<p>Bitcoin has been trading above $100K over the past couple of days and is currently climbing toward the $110K mark.</p> 
<h2 id="technical-analysis">Technical Analysis</h2> 
<p>By <a href="https://crypoptionhub.com/authors/" data-wpel-link="external" target="_blank">Edris Derakhshi (TradingRage)</a></p> 
<h3 id="the-daily-chart">The Daily Chart</h3> 
<p>On the daily chart, the asset has been making higher highs and lows over the past few weeks, even after the uptrend slowed following the breakout above the $90K level. Meanwhile, the market failed to break above the $100K level on the first few attempts but finally succeeded a few days ago.</p> 
<p>At the moment, the $110K and $120K levels are likely targets for Bitcoin, as the $100K level has now turned into a support zone.<a href="https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-Daily-Dec-17-2024-scaled.jpg" data-wpel-link="internal"></a></p> 
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3> 
<p>The 4-hour chart, however, shows a worrying signal. The market has yet to break above the ascending channel, which can be a reversal pattern if broken to the downside. The price is currently testing the higher boundary, and in case of a bearish rejection, the $100K support level will be the first likely destination.</p> 
<p>Yet, an aggressive surge toward higher prices could be expected if the market can break the pattern to the upside.</p> 
<p><a href="https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-17-2024-scaled.jpg" data-wpel-link="internal"><img class="aligncenter size-full wp-image-375035" src="https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-17-2024-scaled.jpg" alt="" width="2560" height="1372" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-17-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-17-2024-300x161.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-17-2024-1024x549.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-17-2024-768x411.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-17-2024-1536x823.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-17-2024-2048x1097.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-17-2024-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p> 
<h2 id="on-chain-analysis">On-Chain Analysis</h2> 
<p>By <a href="https://crypoptionhub.com/authors/" data-wpel-link="external" target="_blank">Edris Derakhshi (TradingRage)</a></p> 
<h3 id="exchange-reserve">Exchange Reserve</h3> 
<p>While Bitcoin’s price has been rallying over the past few weeks, making new all-time highs, investors have also been accumulating significantly. This in itself could be a primary reason behind the recent uptrend.</p> 
<p>The exchange reserve metric, which measures the amount of BTC held in exchange wallets, is demonstrated in this chart. It is quite a helpful metric, and many analysts use it as a proxy for supply.</p> 
<p>As the chart depicts, the exchange reserve metric has been dropping rapidly over the recent weeks, indicating a considerable decrease in supply. If this trend continues, Bitcoin will likely see higher prices in the coming months, as the supply and demand equation is clearly in favor of a price increase.<a href="https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Exchange-Reserve-All-Exchanges-scaled.jpg" data-wpel-link="internal"><img class="aligncenter size-full wp-image-375036" src="https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Exchange-Reserve-All-Exchanges-scaled.jpg" alt="" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Exchange-Reserve-All-Exchanges-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Exchange-Reserve-All-Exchanges-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Exchange-Reserve-All-Exchanges-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Exchange-Reserve-All-Exchanges-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Exchange-Reserve-All-Exchanges-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Exchange-Reserve-All-Exchanges-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Exchange-Reserve-All-Exchanges-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p> 
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-btc-maintaining-100k-suggests-going-after-110k-and-120k-next/" rel="nofollow">Bitcoin Price Analysis: BTC Maintaining $100K Suggests Going After $110K and $120K Next</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: BTC Maintaining $100K Suggests Going After $110K and $120K Next

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