Is BTC Price Set for a 20% Drop Ahead of Yearly Close? | Airdrop Alert Pro

Bitcoin bulls have shifted to passive mode as they are unable to exert enough pressure even amid declining sales. This shows a lack of interest from market participants as bears also remain inactive. In this case, long-term pullbacks usually attract buying volume, so the last week of the year could see another 10% to 12% loss, giving the coin a bearish impact.

Bitcoin Faces Bearish Pressure: Key Support Levels to Watch at Year-End

BTC trading volume has increased compared to the past few days, indicating that volatility may increase during the weekend. The star coin continued to break through the support level after failing to break through the resistance level, weakening the power of the bulls to a certain extent. In this case, a recovery is likely only if the coin manages to trade above the key support around $92,000, which could set the stage for a move into 2025.

this bitcoin price As it moves towards the lower support of the falling wedge, it shows some potential for a bullish rebound. The two levels to watch right now are $95,767 and $93,211, which are the 50-day moving average and moving average, respectively, acting as temporary resistance and support. A breakout of any of these levels could have a huge impact on the yearly close, as a move above resistance could trigger an early breakout of the falling wedge. Additionally, a break below the support could drag the price close to the support at $92,109 and a collision with the descending trendline.

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The RSI is decreasing, which indicates that the trend may still be bearish, activating lower targets. Therefore, if Bitcoin price fails to recover towards $100,000 over the weekend, the bearish signal may be confirmed with support between $71,000 and $81,000, with longer-term support around $65,000. Therefore, these targets can only be activated when the coin closes its weekly trading session below the key range around $92,200, delaying a new ATH by a few weeks.

Bitcoin Price Trend

Therefore, given the current price action, the range between $80,000 and $85,000 seems like it could be a good buyback range, which could provide good long-term opportunities for Bitcoin (BTC) price growth.