The price of Bitcoin recently hit a 24-hour high of $99,881, just shy of $100,000. Will Bitcoin Break Resistance for a Possible Rise to $102,557?
As Bitcoin approaches a $2 trillion market cap, short-term volatility increases the likelihood of a $100,000 breakout. Should this happen, the ongoing Santa rally in the crypto market suggests a BTC price target of $102,557.
Bitcoin price analysis
As mentioned in our previous Bitcoin price analysis article, The price of Bitcoin approached the $100,000 mark. However, the large supply at the psychological resistance level of $100,000 triggered a quick pullback.
On the 4-hour chart, BTC price is currently retesting the 50 EMA, located at $98,043.
With a slight downward move in the price, Bitcoin is trading at $98,011, showing support from the dynamic average. As Bitcoin holds higher levels, the rise of the 20-EMA predicts a possible intersection with the 50-EMA, signaling a short-term reversal in the BTC price trend.
As mentioned earlier, Bitcoin price action is forming a reversal after the double bottom, and the current sideways movement reflects a battle on the neck line.
Binance BTC reserves fall to bull run levels before 2024
The chances of a bullish recovery are supported by the fact that Bitcoin (BTC) reserves on the Binance exchange have declined significantly in recent days. The current reserve is 579,545 BTC.
These levels are similar to those seen in January 2024 and during the pullback phase in the first quarter of 2024. Given that history tends to repeat itself, Bitcoin is likely to experience a similar rise to that seen in early 2024, when the price rose from around $40,000 to $73,000 -Dollar rose.
