Bitcoin’s Price Climbs Towards $95K
Bitcoin (BTC) is trading near the $95,000 mark as it approaches the end of December, with traders observing liquidity “games” influencing the market across exchange order books. Despite recent downside volatility during the final Wall Street trading session of the week, Bitcoin has managed to maintain its position within a narrow price range.
Data from TradingView showed little movement in BTC/USD over the weekend, leaving bulls with limited encouragement. Analysts have noted the importance of breaking through $97,300 to confirm further upward momentum.
Analysts Sound Caution Over Market Signals
Trading resource Material Indicators flagged potential resistance for Bitcoin based on its proprietary tools. It noted that despite an $86 million bid ladder pushing prices up from the lows, the signals indicate that BTC is unlikely to surpass yesterday’s high before the daily candle closes.
“A push above $97.3K would invalidate the new signal,” Material Indicators stated in a post on X (formerly Twitter).
Popular trader Skew also observed shifting buy liquidity on the Binance BTC/USDT pair, potentially signalling an upside if those bids remain. However, Skew cautioned against premature optimism, noting, “I have been watching these limit bids throughout today, which have conveniently just moved higher towards price. This is often a signal for what’s to come as large market entities attempt to influence/control price.”
Skew expects these market dynamics to continue into the yearly open, hinting at more “games” likely to shape Bitcoin’s short-term price action.
Q4 Gains Reflect Bitcoin’s Resilience
As of December 29, Bitcoin’s Q4 performance has delivered over a 50% return, nearly matching its gains for the entire year of 2023. Despite a modest 1.25% dip in December so far, BTC’s strong quarterly returns have solidified its position as a standout performer in the market.
While some analysts predict new lows before a sustained bull market resumes, seasoned traders remain optimistic about Bitcoin’s long-term trajectory.
Popular trader Titan of Crypto shared a “roadmap” for Bitcoin’s price action through 2025, based on Wyckoff analysis. The chart suggests Bitcoin will continue ascending to macro highs before entering a distribution phase.
Looking Ahead to 2024
With the yearly close fast approaching, traders are keeping a close eye on critical price levels and liquidity patterns. The broader outlook for Bitcoin remains positive, but short-term volatility could persist as large market players influence price movements.
Whether Bitcoin can decisively break through $97,300 or remain range-bound into the new year will likely set the tone for its performance in early 2024. For now, Q4’s strong returns reinforce Bitcoin’s position as a resilient asset heading into the next phase of its bull market.
