Bitcoin has begun to range! The price just formed a new ATH slightly above $94,000, and despite the bearish activity, it sustains above $92,500. With this, the possibility of reaching $100,000 has become a reality, which could happen anytime from now. Besides, the growing market sentiments may help the BTC price defend its support, which may further push the price towards new highs between $97,000 and $98,000 in a short while from now.
The BTC price went up without a single meaningful dip last November, and a similar price action could occur again. Will the price display the same explosive moves in December?
The short-term price actions do suggest huge variations, but in the long term, Bitcoin seems to have just started. The BTC weekly chart displays a sheer strength, which suggests the highs above $100K could be nearby.
Observing the weekly chart, three main points could be drawn:
- The BTC price witnessed the start of the movement after breaking the weekly consolidation that it held since February
- MACD just underwent a crossover in October
- The weekly buy signal was given, which suggests fresh liquidity could enter the platform soon
After rising to a new ATH, more than 5000 sell orders were placed, suggesting the bears were extracting profits. However, more than 7,000 buy orders were also recorded, keeping the bullish momentum intact. Therefore, the price is primed to maintain a strong ascending trend regardless of the minor sell-off, which tries to hinder the rally, but they eventually were to shake off longs.
On the other hand, Bitcoin’s dominance continues to surge, leaving the other altcoins struggling within a range. This suggests that traders see Bitcoin as a safe play option, which may keep up the bullish trend until dominance faces a breakdown.
Source: https://coinpedia.org/price-analysis/bitcoin-refuses-to-flip-before-100k-after-breaking-94000-heres-why-the-sell-offs-may-not-hinder-the-btc-price-rally/