bullish

Bitcoin

Momentum

Resistance

<p>Bitcoin is currently showing a bearish signal in the short term, as expected. The price is forming a new pattern, and Bitcoin whales are closing large long positions. At the time of writing, Bitcoin is slightly trading above the $96,500 level and has slipped into the red zone.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-bitcoin-whale-activity"><strong>Bitcoin Whale Activity</strong></h2>   
<p>Bitcoin whales are closing long positions. Over the past day, 6,000 Bitcoin worth of long positions have been closed, amounting to over $500 million. This could mean profit-taking or anticipation of a pullback in the short term.</p>   
<p>According to analyst Josh of <a href="https://www.youtube.com/@CryptoWorldJosh/videos" target="_blank" rel="noreferrer noopener nofollow">Crypto World</a>, we’re technically in a bull market, but we are starting to lose some short-term momentum. This is common in bull markets, as we saw a similar pattern last year. Around October and November, Bitcoin showed <a href="https://coinpedia.org/price-analysis/bitcoin-btc-price-prediction-dec-04th-2024/" target="_blank" rel="noreferrer noopener">strong bullish movement</a> but also had a period of sideways action.</p>   
<h3 class="wp-block-heading" id="h-bullish-momentum-fading"><strong>Bullish Momentum Fading</strong></h3>   
<p>Right now, the weekly Bitcoin <a href="https://coinpedia.org/traders/moving-average-convergence-divergence-macd/" target="_blank" rel="noreferrer noopener">MACD</a> shows signs of losing momentum, suggesting it may see more sideways consolidation in the coming weeks. This is normal during a larger bull market.</p>   
<h3 class="wp-block-heading" id="h-resistance-at-100-000"><strong>Resistance at $100,000</strong></h3>   
<p>Bitcoin is facing significant resistance at $100,000, driven by both a psychological barrier and the 1618 <a href="https://coinpedia.org/traders/fibonacci-extensions-crypto-indicator/" target="_blank" rel="noreferrer noopener">Fibonacci extension</a> level at $102,000. This is why the price is struggling around that area.</p>   
<h3 class="wp-block-heading" id="h-support-levels"><strong>Support Levels</strong></h3>   
<p>If BTC sees a pullback, the key support level is around $89,000. On the 3-day chart, BTC has support at $89,000, with a more significant level at $87,000 in case of a larger dip.</p>   [post_titles_links postid="389031"]   
<h3 class="wp-block-heading" id="h-price-target-if-bitcoin-breaks-100-000"><strong>Price Target if Bitcoin Breaks $100,000</strong></h3>   
<p>If Bitcoin breaks above $100,000, the next price target is around $113,000 based on the 2618 Fibonacci extension. The analyst expects choppy sideways action for the next week or two before a potential breakout above $100,000.</p>   
<h2 class="wp-block-heading" id="h-faqs">FAQs</h2>   
<div class="schema-faq wp-block-yoast-faq-block">
 <div class="schema-faq-section" id="faq-question-1733300591689">
  <strong class="schema-faq-question"><strong><strong>What is Bitcoin’s price prediction today?</strong></strong></strong> 
  <p class="schema-faq-answer">The BTC price may range between $93,500 and $98,000 for today.</p> 
 </div> 
 <div class="schema-faq-section" id="faq-question-1733300620278">
  <strong class="schema-faq-question"><strong><strong>What is the Bitcoin price prediction for tomorrow?</strong></strong></strong> 
  <p class="schema-faq-answer">If the bullish sentiment sustains, the star crypto may continue gaining value tomorrow.<br></p> 
 </div> 
</div>

Why is Bitcoin Price not Rallying Today?

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