Bitcoin is currently facing bearish pressure as the bulls have switched to a passive mode, unable to exert enough pressure even with a drop in selling volume. This lack of interest among market participants has led to an extended pullback, with the possibility of another 10% to 12% loss by the end of the year.
The trading volume for BTC has seen a slight surge compared to previous days, indicating potential volatility over the weekend. The token has struggled to break above resistance levels, weakening the bullish sentiment. To see a recovery, Bitcoin must trade above the pivotal support level of $92,000, setting the stage for trading in 2025.
The BTC price is showing signs of a bullish rebound as it approaches the lower support of a falling wedge pattern. Key support levels to watch include $95,767 and $93,211, which correspond to the 50-day SMA and EMA, respectively. Breaking these levels could impact the yearly close, with a rise above resistance potentially leading to a breakout above the falling wedge, while a drop below support may bring levels closer to $92,109 and the descending trend line.
The RSI indicator suggests a bearish trend could persist, activating lower price targets. If Bitcoin fails to recover to $100,000 over the weekend, a bearish signal could confirm support levels between $71,000 and $81,000, with long-term support around $65,000. These targets would only come into play if the token closes the weekly trade below the pivotal range of $92,200, delaying a new all-time high for several weeks.
In terms of price action, the range between $80,000 and $85,000 could present a good buyback opportunity for a long-term Bitcoin price rally.
In conclusion, Bitcoin is facing bearish pressure with key support levels to watch for the year-end. Traders should monitor the price action closely and consider potential buyback opportunities within the specified range. Stay informed with breaking news and expert analysis to navigate the ever-evolving crypto world.