- Bitcoin fell back to $95K, marking a loss of 1.70% in the last 24 hours.
- Historically, post-election Decembers have delivered strong growth.
The largest cryptocurrency, Bitcoin (BTC), has registered a gain of over 37% in November. This notable surge and the entire crypto market rally followed Donald Trump’s victory in the US presidential elections.
BTC brought in an anticipation of hitting the long-term goal, trading at $99K a few days back, hitting a series of record highs. Analysts predict that BTC could rally to the $100K milestone in December, while BTC is currently hovering around $96K.
As per on-chain analysis, historically, post-election Decembers have delivered strong growth, ranging from 30% to 46%. This trend supports the earlier predictions of BTC reaching $100K. With heightened FOMO-driven market and the recent momentum, it suggests Bitcoin could hit $115K in December.
As of press time, BTC has lost 1.70%, trading at $95,408 with a market cap of $1.89 trillion. The asset’s intraday high and low were observed at $98,152 and $96,235, respectively.
During this timeframe, Bitcoin has witnessed a 24-hour liquidation of $54.96 million, with the daily trading volume increased by 47% to $45.41 billion. In addition, the Fear and Greed Index of BTC stays at 80, suggesting extreme greed in the market.
Will BTC’s Price Surge or Slump?
Inferring the four-hour BTC price chart, the possibility of a downside correction is revealed. The current price momentum of BTC fluctuates between $98K and $95K. Breaking past the $95.5K mark might trigger a short-term rally. Further, the asset may test the potential resistance at the crucial zone for the bulls at $96,117.
In defiance, if the asset fails to hold up its price momentum, it might fall back to the $94.7K mark. A steady decline below this mark could provoke Bitcoin to push the price to a low of $94,106.
Besides, the asset’s technical indicators displayed a brief bearish momentum, with the Moving Average Convergence Divergence (MACD) line situated beneath the signal line, and traders can expect the incoming bear run.
Moreover, it’s crucial to note that the Chaikin Money Flow (CMF) indicator is at -0.04, referring to the negative money flow and selling pressure. Meanwhile, BTC’s daily trading volume has surged by over 48%.
The ongoing market sentiment of Bitcoin is neutral, as the daily relative strength index (RSI) is resting at 46.42. The asset’s daily frame displays the short-term 9-day moving average below the long-term 21-day moving average.
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