Having bounced back from the recent lows around $92,400, Bitcoin has been hovering below the $95,000 mark for the past few days. These levels are crucial in the quest to reach $100,000 once again. While technical indicators don’t point to an immediate rally, positive market sentiment suggests a strong rebound is on the horizon.
Short-term price movements show a pattern of lower lows and highs, signaling bearish momentum. The break from the upward channel further supports this bearish outlook. However, a potential trend reversal could trap bears at lower levels as market participants continue to accumulate rather than panic sell.
According to data from Glassnode shared by analyst Ali, the increasing accumulation trend score indicates strong buying interest among market participants. Despite recent selling pressure, the levels remain in bullish territory, hinting at an imminent rebound.
What’s next? Will BTC price Reclaim $100K Before the End of 2024?
Even though Bitcoin has slipped from its bullish range, it continues to trade within a positive zone. The support at $92,100 has been holding strong for over a month, signaling potential bullish dominance in the final days of the year.
While the chart indicates a break below the rising channel support, buying volume remains steady. However, the DMI and OBV indicators suggest a potential pullback to $92,000 before a possible push towards $100,000. Failure to hold above $90,000 could lead to further downside.
