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The Bitcoin price rose 1.4% in the last 24 hours to trade at $99,217 as of 02:47 a.m. EST on trading volume that surged 82% to $27 billion.
This comes as Tokyo-based investment company Metaplanet said it aims to increase its Bitcoin holdings by 5x. The company, often called Japan’s MicroStrategy, currently holds about 1,761 BTC and is aiming to increase this number to 10,000 this year.
Bitcoin Price Gearing Up For A Bullish Rally
The overall BTC price trend is bullish with some recent consolidation. Over the past several months, the Bitcoin price has moved on a remarkable upward trajectory.
This upward move was supported by a breakout above the 200-day Simple Moving Average (SMA), which typically signals a shift in momentum from bearish to bullish.
A key feature of the chart is the strong rally from late October into November, marked by steep upward movement (green arrow).
This rally carried the Bitcoin price above the 50-day SMA ($97,254) and solidified it as a support level during the consolidation phase in December, according to GeckoTerminal data.
Furthermore, the formation of a horizontal resistance level near $101,000 is apparent, as the price has repeatedly tested this zone without breaking through decisively.
Additionally, the rectangle pattern marks a support zone around $95,000, showing that buyers are stepping in to defend this area after the strong rally. This support consolidation could act as a base for a potential breakout higher.
Meanwhile, the Relative Strength Index (RSI) is sitting at 57.12, indicating neutral-to-bullish momentum. While it is not yet in overbought territory, it is far from being oversold, suggesting there is room for further upside movement if buyers reassert dominance.
The Moving Average Convergence Divergence (MACD) lines show a bullish crossover (blue line crossing above the orange signal line) earlier in the recent uptrend. However, the histogram shows signs of flattening near the zero level, indicating reduced bullish momentum.
BTC Price Prediction
Based on the analysis of trends and indicators, the Bitcoin price is positioned for a potential breakout above the $100,000 resistance if volume increases and momentum builds.
The recent consolidation above the 50-day SMA and the strong support of around $95,000 provide a solid foundation for bulls.
If a breakout happens, the price of BTC could rally, with the bulls targeting $110,000 and $115,000 as the next significant resistance zones.
However, if Bitcoin’s price fails to sustain above the $97,000–$95,000 support range, a pullback to the 50-day SMA ($97,254) or even the 200-day SMA ($72,410) could occur.
However, this would still be within the bullish framework unless BTC decisively breaks below the 200-day SMA.
In the meantime, investors are flocking to the Best Wallet ($BEST) presale, which according to Crypto Gains, a popular YouTuber with over 144K subscribers, has the potential to deliver 10x returns.
Best Wallet Presale Raises Over $6.5 Million
Best Wallet is a non-custodial, no-KYC crypto wallet that already offers impressive capabilities, including advanced security features and Best DEX, which lets users buy, swap, and sell tokens across 60+ blockchains.
Among the many features of Best Wallet, one stands out: Upcoming Tokens. This tool helps users discover promising projects that are still in the early stages.
THIS IS THE YEAR 💎 pic.twitter.com/9UkufpkZ4D
— Best Wallet (@BestWalletHQ) January 4, 2025
The tool’s success is clear. It identified Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that delivered 500% and 3000% gains, respectively, for early investors.
Investors can also stake BEST tokens for a huge 308% annual return.
Currently, BEST tokens are priced at $0.0235. Those interested to join investors who have pumped more than $6.5 million into the project should buy before a price hike in less than 2 days.
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Best Wallet - Manage Your Crypto
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