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Home»Bitcoin»Bitcoin Defends Support at $96,000: Could BTC Target $105,000 Next?
Bitcoin

Bitcoin Defends Support at $96,000: Could BTC Target $105,000 Next?

2024-12-11No Comments3 Mins Read
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Posted: December 12, 2024

  • Bitcoin bulls have defended the short-term medium-term support.
  • There has been an increase in spot sales in recent days, but this may not be enough to reduce prices.

Bitcoin [BTC] has formed a range below $100,000 and has struggled to break the key psychological level. This range extended from $92.1k to $99.5k.

Support for Bitcoin’s mid-range has been defended despite repeated tests over the past three days, and a recovery seemed likely.

Bitcoin bulls are pushing prices above the $95.8k support

Bitcoin 12 hour chartBitcoin 12 hour chart

Source: BTC/USDT on TradingView

Bitcoin has been defending mid-range support at $95.8k over the past three days. Not a twelve-hour session below the mid-level has been completed yet. Moreover, the A/D indicator is trending higher this week.

This was a strong sign that buyers were eager to add Bitcoin to their holdings near the mid-range support. It is possible that volatility could take BTC to the short-term low of $94.5k. This could come about as a result of a liquidity chase.

The MACD was bearish over the 12-hour time frame. Even though it was above zero, it indicated waning bullish momentum. Trading volume has slowly trended downward during BTC’s consolidation within this three-week range.

The declining open interest showed that sentiment was lukewarm

Bitcoin CoinalyseBitcoin Coinalyse

Source: Coinalyse

Spot CVD was in a downtrend even as bulls defended mid-range support. Although this contradicted the findings of the A/D indicator, the time frames were different. Sales have increased in recent days, but buyers have been stronger this past week.

In addition to the declining demand for short-term spots, the Open Interest (OI) has also fallen. This usually happens when an asset stops its strong trend, which Bitcoin has done by forming a range.

See also  Dormant Bitcoin Wallets Are Stirring After 11 Years: What Does This Mean?

The falling OI indicated that speculators were waiting for the market to make up its mind and break the range.

Bitcoin liquidation heatmapBitcoin liquidation heatmap

Source: Coinglass

It was previously mentioned that a liquidity chase could push Bitcoin towards the $94.5k support. The liquidation chart showed that while this was possible, a price increase to $105,000 was much more likely.


Read Bitcoin’s [BTC] Price forecast 2024-25


The liquidity cluster at $105,000 was intense, and the BTC consolidation around $100,000 provided this liquidity. It is very likely that Bitcoin will reach these highs in the coming days and possibly break further.

Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer

Next: USDT vs USDC: Will Circle’s Plans Give It a Boost Over Tether?

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