After recovering from the interim lows at around $92,400, the Bitcoin price has been consolidating below $95,000 for over a couple of days. As a result, these levels have become one of the pivotal levels to secure that could pave the way for the price to reclaim $100K at the earliest. While the technicals do not suggest a quick rebound, the bullish market sentiments suggest the price is expected to revive a strong rebound in a short while from now.
The short-term price action of Bitcoin displays a constant formation of lower lows and highs that indicates the growing strength of bears.The price has also broken down from the rising parallel channel, which validates bearish claims. However, after displaying a fake breakout, the price may trap the bears at the lows as a major trend reversal is about to be stabilized as market participants continue to accumulate instead of panic selling.
As per the Glassnode data shared by analyst Ali, the rise in the accumulation trend score suggests a strong buying interest among the market participants. The levels have been on constant rise since the November breakout; however, the recent sell-off has sparked some distribution. However, the levels remain within the bullish range and hence a rebound seems to be imminent.
What’s next? Will BTC price Reclaim $100K Before the End of 2024?
Although the BTC price has broken down from the bullish range, the token continues to trade within a bullish range. This indicates a flip could be on the horizon as the bulls are defending the support at $92,100 firmly for over a month. Now that the token has approached the last few days of the year, the bulls are expected to gain a huge dominance and revive a strong upswing soon.
As seen in the above chart, the BTC price has broken the support of the rising parallel channel, which has circulated bearish waves. Even though the buying volume over the token remains around the average range, the impact of this is not seen as the price remains within the restrictive range. Besides, the DMI seems to be heading for a bearish crossover with the ADX heading towards the lower ranges.
Additionally, the OBV, the balance-based indicator, maintains a consolidated descending trend, suggesting the trend is slowly shifting from bullish to bearish. The technicals suggest a pullback to the support at $92,000 at the moment, and if it rebound from this range, the BTC price may reclaim $100K; otherwise, a drop below $90,000 could be imminent.
