Why Bitcoin is Stuck Within $96K to $100K Range—Will the Christmas Rally Kick-Off or a Bearish Yearly Close be Imminent?
Cryptocurrency markets have plunged sharply in recent days, causing panic among market participants anticipating the end of the bull run. Bitcoin’s $100,000 milestone is a selling point for most traders, providing strong momentum for other altcoins such as XRP, ADA, TRX and others. Additionally, long-term holders are starting to lock in some of their profits in anticipation of seeing some results.
Therefore, this forces bitcoin price The sharp dive pushed the entire market into a correction state. At the same time, this cannot be seen as the end of the bull market, as the pullback is not expected to last long.
The market is experiencing a severe downturn as traders take profits and newbies enter the market. Therefore, it seems that the market may need more time to stabilize, and this may continue for a few more weeks. Meanwhile, BTC price gains are expected to remain between $96,000 and $100,000.
So what’s next? When can we expect a breakthrough?
Bitcoin’s weekly chart shows that the coin is in bullish territory and following a strong incremental pattern. However, the price appears to have reached the highs of its current run, so a pullback may be imminent. The weekly MACD shows that buying pressure has declined after remaining dominant since the second week of October. Additionally, the RSI is about to fall below overbought territory after facing bearish divergence.
These indicators confirm the bearish narrative, predicting a close below $95,000 this year, ending the possibility of a “Christmas rally.” Furthermore, the ETF storm may prevent excessive bearish action as inflows are recorded higher than last month. Furthermore, the bull market, driven by Trump and Republicans, is expected to intensify once a new president returns to office.
So markets always go through corrections and this isn’t the first time. So even if Bitcoin (BTC) prices hit new lows this month, this could be another accumulation opportunity as it prepares to peak above $110,000 sometime in 2025.
