Bitcoin (BTC) continues to face tough horizontal resistance, with $94,000 now in the sights of bullish traders.
Key insights:
Bitcoin is maintaining pressure on known resistance levels as market confidence grows.
Recent downturns were influenced by “manipulative” forces, according to analysis.
The ascent of gold toward new all-time highs poses a significant macroeconomic challenge for Bitcoin.
BTC price: Days or weeks away from an “upwards breakout”
Data from Cointelegraph Markets Pro and TradingView illustrated fluctuating BTC price dynamics following a rise to $95,500 the previous day.
Confronted with multiple resistance levels on the daily chart, BTC/USD appears poised for a potential breakout.
“Bitcoin is performing a choppy dance. Illiquid markets cause swift price fluctuations for $BTC,” crypto trader, analyst, and entrepreneur Michaël van de Poppe remarked in his recent analysis on X.
“Nonetheless, I believe we are still on track for a fresh upwards breakout in the next days or weeks.”
Previous upward movements did not translate into resistance breaks in December, and trader Daan Crypto Trades pointed out the 200-period simple and exponential moving averages on the four-hour chart as additional hurdles to overcome.
“Consolidating around its 4H 200MA/EMA & The ~$94K horizontal resistance which served as range high for weeks,” he summarized.
“This is the crucial zone for Bitcoin to overcome in order to shift momentum positively for bulls in the short to medium term.”
Despite the current lack of momentum, Van de Poppe suggested that the likelihood of a significant market pullback is decreasing.
“Higher lows suggest a stronger structure, indicating an established uptrend. Prices clearly aren’t declining anymore, and my general view is that the recent, severe correction was largely manipulative rather than organic,” he noted.
Gold approaches new peaks
Following the Federal Reserve’s interest rate decision, US stocks, like crypto, experienced some losses after the Wall Street opening.
Related: Bitcoin’s new year bear flag points to a $76K BTC price target ahead
The S&P 500 came within 20 points of setting new all-time highs but slipped 0.35% for the day, while gold prices surged toward $4,400 per ounce.
“Gold is nearing a new record high,” trading resource The Kobeissi Letter reported, noting gold futures’ impressive 65% year-to-date increase.
At the beginning of December, Bitcoin recorded its lowest valuation against gold since early 2024.
Jeremy Batchelder, co-founder of crypto automation platform Glyde, cautioned that strong performance in precious metals could overshadow the crypto landscape.
“Gold is about to achieve new all-time highs. Silver is reaching new highs daily,” he informed his followers on X.
“This is extremely bearish for Bitcoin. We need the metals to stabilize before the crypto bull market can resume.”
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