The price of Bitcoin remained stable at a dazzling $105,080 on Monday, December 16, 2024, with a daily trading volume of $90.85 billion and a market capitalization reaching $2.05 trillion, while the leading crypto asset by market capitalization ranged between $102,593 and $106,533 over the past day. .
bitcoin
Bitcoin continues to ride the wave of a major bullish trend, as seen on the daily chart, with a pattern of increasing peaks and troughs. The cryptocurrency collided with resistance near $106,500, triggering a rapid pullback and temporary drop. Strong support zones range between $98,000 and $100,000, where trading vibrates during the rise. Even with irregular volume, signals from the exponential moving averages (EMA) and simple moving averages (SMA) on various time frames announce strong vibrations in the market.
BTC/USD daily chart for December 16, 2024.
The 4-hour chart shows a clear upward march, with Bitcoin reaching $106,533 before facing a wave of selling, marked by significant drops filled with volume. As BTC traders cashed in near the resistance points, the price fell back to the $102,000 to $103,000 support area. This could be a sweet spot for re-entry, but falling below $102,000 could indicate a bearish turn. Oscillators like the Relative Strength Index (RSI) at 66 and the Commodity Channel Index (CCI) at 173 are still quiet, showing a market unsure of its next big move in the medium term.
BTC/USD 4H chart for December 16, 2024.
In the short term, bitcoin price reached its all-time high of $106,533 before quickly leaving the exit stage. The 1-hour chart points to support at $103,000 to $103,500, where selling increased, cooling the momentum. Indicators such as Momentum Index at 3,983 and Moving Average Convergence Divergence (MACD) level at 3,541 hint at a short-term bearish tilt. Keep an eye on how bitcoin consolidates here; could retreat or sink further towards $101,500.
BTC/USD 1H chart for December 16, 2024.
Furthermore, the moving averages (MAs) are singing a bullish tune, with all key EMAs and SMAs (from the 10-day to the 200-day) still in positive territory. For example, the 10-day EMA at $101,106 and the 200-day EMA at $72,834 are painting a picture of a vigorous uptrend. These metrics affirm bitcoin’s enduring vigor, suggesting any declines could simply be brief interludes in this broader bullish symphony.
Bullish verdict:
Bitcoin price action on December 15, 2024 reflects a strong bullish foundation, supported by consistent buy signals across all major moving averages. The overall uptrend and solid support near $98,000 to $100,000 suggest that any short-term pullback is likely an accumulation opportunity. A sustained break above $106,500 could pave the way for new highs, making the outlook favorable for bullish traders.
Bear Verdict:
Despite bitcoin’s bullish structure, rejection at $106,500 and profit-taking signals raise concerns about further downside risk. If the price fails to sustain above the critical support of $102,000, it could lead to further selling pressure, which could drag the price towards $98,000. Neutral oscillator readings also reflect indecision, leaving room for a bearish reversal if short-term support levels are breached.
