Bitcoin has advanced toward $90,000 in early Asia trading, with an intraday high near $89,850 and a 6.5% gain from a local low of $84,400. Analysts describe a Santa Rally setup, with a potential move toward the yearly open around $93,300 and higher resistance near $98,000 to $100,000.
The megaphone pattern projects a target near $120,000, implying about a 34% rally from current levels. While some analysts warn of possible downside toward $70,000 and caution against overly optimistic six-figure forecasts, $84,000 remains a crucial near-term support. Derivatives data indicate tactical upside, with short liquidations contributing upward pressure and a regime score in the upper neutral zone. Immediate support sits around $84,000-$85,600, where about 976,000 BTC were accumulated, a level bulls will want to defend to regain momentum toward $100,000 or higher.
Leave a Reply