Has the Bitcoin Bull Run Started Again? Will the BTC price rise and form a new ATH before the end of 2024?
Market participants remained vigilant about the crypto markets, especially the Bitcoin price rally, as they look forward to these answers. Although market volatility varied, the star token was unable to gain the required buying pressure. However, the latest surge suggests that the bulls were trying their best to reclaim the $100,000 spot, but the bears, who appear to have capitulated to these levels, prevented the token from doing so. With the token showing a Christmas rally, the year-end surge is expected to revive a surge and mark new highs.
While the BTC price showed uncertainty, the spot ETFs witnessed a massive sell-off. BlackRock sold over $188 million worth of BTC, which is one of their biggest sell-offs since inception. Moreover, the total sell-off also marked the peak of over $338 million, but the price recovered from $94,000 to $99,000. Still, BlackRock and Fidelity collectively hold more than $50 billion worth of Bitcoin, which could maintain bullish hopes about the rally.
The short-term BTC price suggests that the price may be subject to a small pullback as the stochastic RSI has reached the oversold level. Therefore, the levels are about to fall and after a bullish crossover, the DMI levels are about to undergo a bearish crossover. Therefore, Bitcoin price is expected to experience a small pullback and fall below $96,000 in the coming days. However, this pullback could be an opportunity to build in the lower range.
The crypto markets are heading towards the end of the year, which usually brings good buying volume. However, volume on the platform remains lower, indicating that bullish participation remains limited at the moment. Therefore, an increase in volume is expected to trigger volatility, which is much needed for a healthy bullish close to the year, likely above $100,000.
