Will Bitcoin (BTC) reclaim $100,000 before New Year’s Eve 2025 as bulls return to action?
As Bitcoin’s price climbs back above $98,000, its market cap is once again approaching the $2 trillion valuation. In the last 24 hours, Bitcoin is up 4.56%, signaling a bullish recovery.
Amid the BTC price surge, the crypto market is witnessing a dramatic rally in altcoins, driving short liquidations to $149.46 million. However, the total liquidation was $252.67 million, including the long-side liquidation worth $103.22 million.
As the tide turns in bulls’ favor, will Bitcoin reclaim $100,000 before 2025?
BTC price analysis
On the 4-hour chart, BTC price action shows a reversal after the double bottom from the crucial support at the $93,000 level. As predicted in our previous article, BTC bounced back and crossed the $97,000 mark with a morning star pattern on the daily chart.
Currently, the double bottom reversal on the 4-hour chart is testing the neckline at $99,000.
The bullish recovery has resulted in a positive crossover between the 20 and 200 EMA lines. Meanwhile, the current price movement on the 4-hour chart is between 50 and 100 EMAs.
Additionally, the 4-hour RSI line has crossed half of the level, indicating an increase in buying pressure. Therefore, technical indicators are gradually turning bullish, increasing the chances of a breakout rally.
Bitcoin ETFs continue to bleed
Meanwhile, institutional support for Bitcoin has yet to resurface as spot Bitcoin ETFs in the US record negative net inflows for the fourth consecutive day. To…
