Bitcoin has recently shown new bullish momentum and its price exceeded $98,000 on December 25, 2024.
As the holiday season unfolds, Bitcoin has shown a robust uptrend, with its price surpassing $98,000 on December 25, 2024. This surge has reignited discussions among traders and analysts about the future direction of the cryptocurrency.
Technical indicators signal a bullish divergence
Well-known trader Skew has highlighted a “clean” bullish divergence in the Relative Strength Index (RSI) on the 4-hour chart. He noted that the current price action is once again testing the systematic trend that previously drove Bitcoin from $68,000 to $108,000. Skew described the unsuccessful attempts to reduce the price as “failed measures” and indicated continued market demand.
Source: X
Despite the positive technical indicators, Skew advises a cautious approach. He emphasizes the need to monitor key levels such as the Point of Control (PoC) to ensure the uptrend continues. The market’s behavior during the Christmas period, often characterized by lower trading volumes, increases the uncertainty of these results.
Institutional interest continues to drive Bitcoin’s value
Institutional interest remains a key driver of Bitcoin’s value, contributing to ongoing bullish sentiment. Major investors still view Bitcoin as a store of value, especially in the days when the world was plunged into economic chaos. Even recently there have been large chunks of investment in Bitcoin – for example MicroStrategy’s huge investments in recent weeks – all of which have been remarkably positive…
