Bitcoin’s failed recovery attempts, throughout the week, indicate persistent selling pressure from bears at higher levels. While buyers were unable to drive the price above $100,000, they have managed to defend key support areas, limiting further losses. This resilience suggests that bulls are maintaining their positions, in anticipation of a potential upward move. Bitcoin closed below the 50-day Simple Moving Average (SMA) at $96,124 on December 27, signaling a weakening hold by the bulls and a potential shift in market sentiment.
At the time of writing, BTC was trading at $93,240.
BTC, after making the all time high of $108,353, made an ‘Evening Star’ pattern and witnessed some correction. The prices fell almost by 14.85% and dropped to $92.232. Post this move, BTC is consolidating and trading in a range from $92,500 to $99,500 with low volumes. The asset has a strong support zone from $90,000 to $85,000, whereas $100,000 and $108,000 will act as a strong resistance.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $85,000 | $90,000 | BTC | $100,000 | $108,000 |
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