- Bitcoin faces strong resistance near $104,700; a retracement to $99,647 support could trigger further downside.
- Kingpin Crypto expects choppy December price action, advising traders to monitor BTC while exploring opportunities in altcoins.
- If Bitcoin moves above $104,700, it may set a new all-time high and push toward $106,000, signaling new bullish momentum.
Bitcoin shows signs of potential retracement following its recent rally to $104,000. Analysts expect price action to remain choppy throughout December, with Bitcoin encountering critical supply zones and support levels. A pullback appears likely as BTC tests major resistance areas, prompting market participants to focus on alternative cryptocurrencies for opportunities.
Kingpin Crypto, a leading market analyst, predicts BTC could face a temporary decline before any upward momentum resumes. Bitcoin recently tested a Daily Supply Zone (HI OB), where strong selling pressure emerged. For the time being, this area and resistance at $104,700 have limited Bitcoin’s upward movement. Furthermore, there has been a noticeable rejection in Bitcoin’s price activity, suggesting that sellers might still be in charge.
$BTC – The nuke from $104k to $90k swept a whole lot of BSL and retested the D1 OB before giving a bounce.
I expect the rest of December to be pretty laid back with mostly just choppy PA.
Imo, it’s best if you focus on alts from here.
Regardless, here is what I am looking for… pic.twitter.com/w0km4aTeEY
— Kingpin Crypto (@Kingpincrypto12) December 8, 2024
Critical Levels to Watch
The current BTC chart on the 4-hour timeframe reveals key price zones shaping market behavior. Significantly, the Daily Support/Resistance (S/R) at $99,647 is a pivotal level. If Bitcoin closes below this level, it could initiate a deeper retracement toward the lower boundary of the ascending channel.
Moreover, the Demand Zone (D1 DZ), where strong buying interest was previously observed, lies below current levels. A visit to this zone could provide a fresh foundation for buyers to regain momentum. However, failure to hold this area may result in further downside, exposing Bitcoin to new bearish risks.
Potential Scenarios and Market Outlook
Kingpin Crypto outlines two likely scenarios for Bitcoin. The primary outlook suggests a pump into the High Order Block (HI OB) region. Consequently, a sharp rejection from this supply zone may trigger a retracement back to the range low.
On the contrary, a more bullish scenario emerges if BTC closes within the red resistance zone. In this case, Bitcoin could break $104,700, setting a new all-time high (ATH) and potentially pushing toward $106,000.
Besides, Kingpin Crypto emphasizes that BTC has swept significant Buy-Side Liquidity (BSL). Consequently, the market may now seek Sell-Side Liquidity (SSL) to balance order flow. Traders should monitor price action closely to confirm either scenario.
