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The Bitcoin price dropped 1.4% in the last 24 hours to trade at $96,059 as of 02:12 a.m. EST on trading volume that surged 63% to $35 billion.
This comes as MicroStrategy co-founder Michael Saylor posted a Bitcoin chart from the SaylorTracker website on Dec. 29. Saylor, who is a BTC permabull, has often posted a BTC chart on Sundays before making a BTC purchase the following day.
Disconcerting blue lines on https://t.co/Bx3917zMqi. pic.twitter.com/xPl4GTKU3E
— Michael Saylor⚡️ (@saylor) December 29, 2024
Bitcoin Price Aims For A Bullish Trend Reversal
The Bitcoin price analysis on the 4-hour timeframe displays a distinct transition in price behavior over the past few weeks. Initially, the Bitcoin price exhibited a strong bullish trend, with a clear upward trajectory highlighted by a series of higher highs and higher lows. This momentum was supported by the 50-day Simple Moving Average (SMA) consistently staying above the 200-day SMA, indicating a bullish crossover.
However, after reaching a local high near the $108,000 level, the BTC price began to reverse, forming a significant lower high, a classic sign of weakening bullish momentum, according to GeckoTerminal data. The subsequent breakdown of the 50-day SMA has shifted the narrative to a more bearish or sideways consolidation phase.
Currently, the price appears to be range-bound between $92,000 and $98,000, as highlighted by the purple rectangle. This sideways consolidation is often indicative of indecision in the market, as both buyers and sellers struggle for control. The Bitcoin price is now testing the lower boundary of the range, which could serve as critical support.
Meanwhile, the Relative Strength Index (RSI) is at 40.08, hovering slightly above oversold levels (30). This suggests that while the market is losing momentum, it has not yet entered oversold conditions, leaving room for further downside pressure.
Given the current market structure and indicator readings, the BTC price is likely to remain within the $92,000 – $97,000 range in the short term. If the price breaks below the $92,000 support with high volume, it could pave the way for a drop to the $88,000 – $90,000 region, which serves as the next major support zone.
Conversely, a break above the $97,000 resistance, accompanied by a surge in volume, could see the price reclaim the 50-day SMA and retest the $100,000 psychological level.
In the meantime, investors are flocking to the Best Wallet ($BEST) presale, which has already surpassed $6 million in funding.
According to Crypto Gains, a popular YouTuber with over 141K subscribers, $BEST has the potential to deliver 10x returns.
Best Wallet Crosses $6M In Presale For Cross-Chain Web3 Wallet
Best Wallet is an innovative cross-chain Web3 wallet supporting 60+ blockchains, featuring a built-in DEX, presale aggregator, and crypto debit card.
Its native token, BEST, powers an ecosystem designed to simplify on-chain activities while minimizing security risks, making it a standout in the competitive crypto wallet space.
Best Wallet is quickly gaining traction and is now competing with popular wallets like Trust Wallet and MetaMask, with potential to outpace them due to its unique features.
Find the next GEM with Upcoming Tokens! 💎
Explore the newest projects gaining traction and act early. Best Wallet’s Upcoming Tokens feature gives you exclusive insights into the next big thing. 🔥
Download now! 📲 https://t.co/RZCs6fkyKm pic.twitter.com/q5tD5Gyvj6
— Best Wallet (@BestWalletHQ) December 28, 2024
A key feature that sets Best Wallet apart is its “Upcoming Tokens” section, a presale aggregator that identifies high-potential projects.
This feature has already delivered impressive results and flagged Crypto All-Stars to investors recently before it skyrocketed 1,373%.
Investors can also stake BEST tokens for a huge 353% annual return.
💎 What can holding $BEST unlock for you? 💎$BEST isn’t just a token—it’s your key to maximising everything Best Wallet has to offer:
✔️ Get early access to new projects
✔️ Reduced transaction fees
✔️ Enjoy higher staking rewards
✔️ Exclusive token airdropsDownload Now 📲… pic.twitter.com/JpnCMgWQjc
— Best Wallet (@BestWalletHQ) December 23, 2024
Currently, BEST tokens are priced at $0.0234. Interested investors should buy before a price hike in a little less than 18 hours.
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Best Wallet - Manage Your Crypto
- Access DeFi and Web3 Dapps Across Multiple Chains
- Comes With Your Own OpenAI Powered Chat Bot Assistant
- Get Early Access to Upcoming Token Launches & ICOs
- Integrated Decentralized Exchange To Buy & Trade Crypto
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