On December 5th, Monday, the pioneer digital asset Bitcoin surged past the $100,000 milestone, sparking a celebration in the crypto industry. The breakout signals renewed bullish momentum in Bitcoin price and the potential for an extended rally. Here are key resistance investors to watch according to the Fibonacci extension tool.
By press time, the BTC price had traded at $98,90 with an intraday gain of 0.1%. According to Coingecko, the asset’s market cap surged to $1.95 Trillion, while the 24-hour trading volume is at $154.5 Billion.
Key Highlights:
- A long-wick rejection in BTC’s daily chart hints at intense overhead supply.
- The 20-day Exponential Moving Average could offer immediate support to crypto buyers in a fresh correction.
- A support trendline in the 4-hour chart drives the current recovery for Bitcoin price.
Bitcoin Price Breakout: Fibonacci Targets $120K as Institutional Optimism Grows
In the past weeks, the Bitcoin price traded sideways, struggling to sustain above the psychological level of $100,000. This consolation in a 4-hour time frame shows a pennant pattern, typically known to provide buyers with a sufficient breather before the next leap.
On December 4th, the recuperate momentum gave a bullish breakout from the pattern’s overhead trendline, signaling the continuation of the prevailing uptrend.
According to the Fibonacci extension tool, a sustained recovery in BTC Price could witness overhead supply at $108,000 and $120,000, coinciding with the 38.2% and 50% levels.
In a bold forecast, Standard Chartered Bank, managing assets worth $870 billion, has predicted that Bitcoin could double its value to reach $200,000 by 2025. This projection underscores the bank’s confidence in the growing adoption and utility of the leading cryptocurrency amid increasing institutional interest and market maturity.
JUST IN: $870 billion asset manager Standard Chartered Bank says #Bitcoin will double to $200,000 in 2025.
— Watcher.Guru (@WatcherGuru) December 5, 2024
BTC Faces High Volatility Post-$100K Breakout
During Thursday’s Asian market session, the Bitcoin price surged past the $100k psychological level, signaling renewed momentum in the crypto market. However, the asset has yet to confirm its sustainability above this critical threshold, suggesting the potential of a fake breakout.
A look at the daily chart shows high volatility in BTC price with long-wick rejection from either side of the candle. With the coin price reverted to $96k, the crypto market witnessed 210,738 traders liquidated with an amount of $1.08 Billion.
BTC/USD -1d Chart
The overhead supply could extend the current consolidation in Bitcoin, projecting the potential for fresh correction.