Today's Bitcoin development (December 24, 2024) shows a quite fluctuating price with an overall bullish trend throughout 2024. Here are the key points:
1. Current Price: Bitcoin is currently trading around $96,795. However, analysts estimate that the price could again surpass $100,000 if it manages to turn the resistance level of $99,588 into support.
2. Driving Factors: Institutional adoption, including increased participation in Bitcoin-based ETFs, has increased demand. However, this week's ETF outflows (totaling $458 million) indicate profit-taking actions. 3. Market Sentiment: Big investors (whales) continue to accumulate Bitcoin, with an additional approximately 63,922 BTC in November. This trend is expected to trigger further rally.
4. Risks and Resistance: There is a risk of selling pressure if the price approaches resistance around $105,000. If this pressure occurs, the price could drop to the support level of $88,986. Investors are advised to remain cautious as the crypto market is still very volatile.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
#XmasWithGatePost
Today's Bitcoin development (December 24, 2024) shows a quite fluctuating price with an overall bullish trend throughout 2024. Here are the key points:
1. Current Price: Bitcoin is currently trading around $96,795. However, analysts estimate that the price could again surpass $100,000 if it manages to turn the resistance level of $99,588 into support.
2. Driving Factors: Institutional adoption, including increased participation in Bitcoin-based ETFs, has increased demand. However, this week's ETF outflows (totaling $458 million) indicate profit-taking actions.
3. Market Sentiment: Big investors (whales) continue to accumulate Bitcoin, with an additional approximately 63,922 BTC in November. This trend is expected to trigger further rally.
4. Risks and Resistance: There is a risk of selling pressure if the price approaches resistance around $105,000. If this pressure occurs, the price could drop to the support level of $88,986.
Investors are advised to remain cautious as the crypto market is still very volatile.