Traders watch DOGE, SUI, PEPE and FTM as Bitcoin range trades near $100K

Bitcoin (BTC) continues to witness a tough battle between the bulls and the bears at the $100,000 level. CryptoQuant contributor Percival said in a Quicktake blog post on Dec. 6 that Bitcoin’s weekly strength is worn out, suggesting a consolidation over time.

The near-term uncertainty and the choppy price action have not altered analysts’ long-term bullish view on Bitcoin. WeRate co-founder Quinten François said in a post on X that Bitcoin is “entering the euphoria stage,” which could extend the rally for a maximum of 12 months before a cycle top is formed.

Crypto market data daily view. Source: Coin360

Along with Bitcoin, Donald Trump’s United States presidential victory has boosted the price of several altcoins. However, Hartmann Capital managing partner Felix Hartmann said in a post on X that venture capitalists and teams may book profits aggressively in altcoins, which could result in an ugly leg down.

Will select altcoins continue to outperform in the near term if Bitcoin enters a period of consolidation? Let’s look at the top 5 cryptocurrencies with a strong chart structure.

Bitcoin price analysis

Bitcoin is facing resistance near the psychologically crucial level of $100,000, but the bulls are not rushing to the exit.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

A tight consolidation near $100,000 improves the prospects of an upside breakout. If buyers thrust the price above $104,088, the bullish momentum could pick up, and the BTC/USDT pair may surge to $113,331 and thereafter to $125,000.

The 20-day exponential moving average ($95,285) is the crucial near-term support to watch out for. If this level breaks down, it will suggest that the bulls are hurrying to book profits. The pair may dip to $90,000 and subsequently to the 50-day simple moving average ($84,110).

BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair has been trading above the moving averages, indicating a slight edge to the bulls. The up move is expected to face stiff resistance in the $101,900 to $104,088 zone. A break above the zone could launch the pair toward $113,331.

On the contrary, a break and close…

..

Source

Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *

Social Media Auto Publish Powered By : XYZScripts.com