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The price of Bitcoin recently reached a 24-hour high of $99,881, just shy of $100K. Will Bitcoin break through resistance for a potential surge to $102,557?
With Bitcoin nearing a $2 trillion market cap, short-term volatility is increasing the chances of a $100,000 breakout. If this happens, the ongoing Santa Rally in the crypto market suggests a BTC price target of $102,557.
Bitcoin Price Analysis
As mentioned in our previous Bitcoin price analysis article, Bitcoin’s price was approaching the $100,000 mark. However, the significant supply at the psychological resistance level of $100,000 triggered a quick pullback.
On the 4-hour chart, the BTC price is currently retesting the 50 EMA, priced at $98,043.
With a slight downward price movement, Bitcoin trades at $98,011, showing support from the dynamic average. As Bitcoin holds higher levels, the uptick in the 20 EMA projects a potential crossover with the 50 EMA, signaling a short-term reversal in the BTC price trend.
As previously noted, Bitcoin’s price action is forming a double-bottom reversal, and the current sideways movement reflects a battle at the neckline level.
Binance BTC Reserves Drop to Pre-2024 Bull Run Levels
Supporting the chances of a bullish recovery, Bitcoin (BTC) reserves on the Binance exchange have significantly dropped over the past few days. The current reserve stands at 579,545 BTC.
This level resembles those seen in January 2024 and during the Q1 2024 pullback phase. Given that history tends to repeat itself, Bitcoin will likely witness a surge similar to early 2024 when it surged from approximately $40K to $73K.
BTC Price Targets
In case of a bullish closing above the $100,000 level, the Bitcoin price is likely to challenge the immediate resistance level of $102,557. On the flip side, a pullback below the 20 EMA line will test the 200 EMA at $96,427.