The cryptocurrency market continues to display significant price swings, with Bitcoin at the center of attention. As of December 21, 2024, BTC/USDT is approaching the pivotal $94,029.05 level that may dictate its next directional move.
Key Support and Resistance Levels to Watch
BTC's price currently stands at $94,904, just above the critical $94,029 level that traders closely monitor. Breaking below this support could send the price tumbling to $90,243, aligning with the 0.786 Fibonacci retracement level. A worst-case scenario may see the price hit $83,626 if selling pressure intensifies. If the token holds above $94,029, a probable rally could push the price to $96,000 in the short term, with further gains up to $108,000, indicating a 39% increase from the current support.
Bullish Outlook: Potential Gains of Over 39%
If Bitcoin sustains above $94,029, traders expect momentum to build, leading to significant price increases toward $96,000 and $108,000. A rise to $108,520 would result in a 39% gain from the support level. Market sentiment remains optimistic as buyers closely watch the $94,029 level for entry opportunities.
Bearish Risks: Key Levels Below $94,029
If Bitcoin fails to hold above $94,029, it could drop to $90,243 within 11 days, marking a potential 21% decline. Falling below this level would expose the price to further losses, with the next major support at $83,626, where buyers may attempt to stabilize the market.
Analysts anticipate that these support and resistance levels will dictate Bitcoin's price action in the coming weeks. Data shows a correlation between Bitcoin's transfer volume and its price growth, possibly indicating continued upward trends or looming corrections.
