Rally

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Bitcoin

Gains

<ul class="wp-block-list">
 <li>Bitcoin trades near $94,029, a pivotal mark that could trigger major price movement soon.</li>  
 <li>Sustaining above $94,029 could push costs to $108,000, offering traders&nbsp; upside potential.</li>  
 <li>Breaking below $94,029 risks rapid declines to $90,243 or $83,626, highlighting&nbsp; backing zones.</li> 
</ul>  
<p>The cryptocurrency market continues to display notable price swings, with Bitcoin&nbsp; placed at the center of attention. As of December 21, 2024, BTC/USDT is approaching a lower equilibrium at $94,029.05, a figure that could dictate its next directional move. This analysis sheds light on the technical and financial indicators that traders are closely monitoring.&nbsp;&nbsp;</p>  
<figure class="wp-block-image size-large"><img src="https://cryptofrontnews.com/wp-content/uploads/2024/12/image-59-1024x628.png" alt="Bitcoin Targets $94,029 Support: Will It Rally to $108,000 or Drop Further?" class="wp-image-7245">
 <figcaption class="wp-element-caption">
  Source: <a href="https://x.com/VipRoseTr/status/1870213959896186989" target="_blank" rel="noopener noreferrer nofollow">Rose Premium Signals</a>
 </figcaption>
</figure>  
<h2 class="wp-block-heading" id="strong-key-support-and-resistance-levels-to-watch-strong"><strong>Key Support and Resistance Levels to Watch&nbsp;&nbsp;</strong></h2>  
<p>BTC's price currently stands at $94,904, placing it just above the&nbsp; bearish limit of $94,029, which traders are closely monitoring. Breaking below this support could send the price tumbling to $90,243, which aligns with the 0.786 Fibonacci retracement level. Additionally, a worst-case scenario may see the price hit $83,626 if selling pressure intensifies further.&nbsp;&nbsp;</p>  
<p>If the token manages to hold above $94,029, a probable rally could push the price to $96,000 in the short term, while a further breakout may extend gains to $108,000. This bullish move would represent a 39% increase from the current support, possibly materializing within 25 days, ending on January 23, 2025.&nbsp;&nbsp;</p>  
<p>The<a href="https://cryptofrontnews.com/chainlink-link-price-surges-with-bulls-targeting-35-after-breaking-key-resistance/" rel="noopener noreferrer nofollow"> Fibonacci retracement zones </a>provide traders with reliable indicators for price action, marking areas where Bitcoin may reverse or continue its current trend. These levels make $94,029 and $90,243 pivotal points for Bitcoin’s short-term performance.&nbsp;&nbsp;</p>  
<h2 class="wp-block-heading" id="strong-bullish-outlook-potential-gains-of-over-39-strong"><strong>Bullish Outlook: Potential Gains of Over 39%&nbsp;&nbsp;</strong></h2>  
<p>If Bitcoin sustains above $94,029, traders expect momentum to build, leading to significant price increases toward $96,000 and $108,000. A rally to $108,520 would yield a 39% gain from the support level, making it a key target for traders over the next 25 days.&nbsp;&nbsp;</p>  
<p>Besides technical indicators, the market sentiment surrounding Bitcoin remains optimistic as buyers closely monitor the $94,029 level for potential entry points. A bounce from this support zone could attract fresh buying activity, further strengthening the upward trend.&nbsp;&nbsp;</p>  
<p>However, if resistance at $96,000 holds, Bitcoin may face challenges before reaching the $108,000 mark, which remains a crucial psychological level.&nbsp;&nbsp;</p>  
<h2 class="wp-block-heading" id="strong-bearish-risks-key-levels-below-94-029-strong"><strong>Bearish Risks: Key Levels Below $94,029&nbsp;&nbsp;</strong></h2>  
<p>If Bitcoin fails to hold above $94,029, it could drop to $90,243 within 11 days, marking a potential 21% decline. Breaking below this level would expose the price to further losses, with the next major support identified at $83,626, where buyers may attempt to stabilize the market.&nbsp;&nbsp;</p>  
<p>Traders remain cautious about taking aggressive positions until Bitcoin confirms its next direction, making $94,029 a critical level for decision-making.&nbsp;&nbsp;</p>  
<h2 class="wp-block-heading" id="strong-bitcoin-s-transfer-volume-correlates-with-price-growth-near-100-000-strong"><strong>Bitcoin's Transfer Volume Correlates With Price Growth Near $100,000</strong></h2>  
<p>Data from Glassnode shows <a href="https://cryptofrontnews.com/bitcoin-etfs-see-record-671-9-million-outflow-amid-market-volatility/" rel="noopener noreferrer nofollow">Bitcoin's total transfer volume</a> has mirrored its price growth, reaching historical peaks during major bull runs. Since 2010, Bitcoin's price surged from under $1 to near $100,000, with notable transfer volume spikes during key moments like 2017 (over 60 million BTC) and 2021.&nbsp;&nbsp;</p>  
<figure class="wp-block-image size-large"><img src="https://cryptofrontnews.com/wp-content/uploads/2024/12/image-60-1024x469.png" alt="Bitcoin Targets $94,029 Support: Will It Rally to $108,000 or Drop Further?" class="wp-image-7246">
 <figcaption class="wp-element-caption">
  Source:<a href="https://studio.glassnode.com/charts/36ae113a-bf0a-43de-71f9-a147e3735d1a" rel="noopener noreferrer nofollow"><em> Glassnode</em></a>
 </figcaption>
</figure>  
<p>Recent trends reveal sustained activity into 2024, with Bitcoin nearing $94,029, a support level identified in earlier analyses. Analysts expect continued transfer activity if Bitcoin holds above this level, potentially rallying to $108,000. However, failure to maintain support could lead to declines, emphasizing the connection between price action and transfer volumes.&nbsp;</p>

Bitcoin Targets $94,029 Support: Will It Rally to $108,000 or Drop Further?

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