Key Findings: BTC Technical Analysis
- Bitcoin broke the $100,000 resistance but still risks a pullback to $90,000.
- The RSI at 63 indicates weakening momentum, with a dip below 50 potentially signaling bearish pressure.
- A breakout above $104,088 could push Bitcoin to a new all-time high of $119,510.
Bitcoin Technical Analysis
On Thursday, the bitcoin price fell 1.11% after failing to break through the daily barrier level of $101,110. It has recovered significantly as of Friday’s writing, trading about $100,000.
If the $101,110 level remains as resistance, BTC may prolong its drop to retest the psychologically significant level of $90,000.
The daily chart’s Relative Strength Index (RSI) is 63, down from Sunday’s overbought level of 70, signaling weakness. Furthermore, if the RSI daily falls below the neutral threshold of 50, it typically signals that bearish momentum is gathering steam, resulting in a further decline in Bitcoin’s price.
Conversely, if BTC continues to recover and closes above $104,088, the surge might extend to a new all-time high of $119.510. This level corresponds to the 141.4% Fibonacci extension line that runs from the November 4 low of $66,835 to the December 5 all-time high of $104,088.
See Related: Bitcoin And Ethereum Technical Analysis: BTC Moves Below $64K Following An Unsuccessful Test of The 50-EMA
Key Findings: ETH Technical Analysis
- Ethereum ETFs are seeing record inflows, with BlackRock and Fidelity leading the charge, contributing $3.19 billion and $1.37 billion, respectively.
- If the current bullish momentum persists, ETH could challenge the $4,000–$4,100 resistance zone.
- Breaking above this zone may push ETH to retest the immediate resistance at $4,3850.
Ethereum Technical Analysis
Ethereum is trading over the upper boundary of a symmetrical triangle formation, following a long-tail candle that bounced off the $3,550 support level. The candle demonstrates that bears were unable to hold prices low following ETH’s steep plunge earlier in the week.
If the top limit of the symmetrical triangle proves to be a decent support level, it may help ETH overcome the obstacle between $4,000 and $4,100—a significant level that traders have identified as a major selling zone.
A break over this level could cause ETH to test its all-time high barrier of $4,868 as the Relative Strength Index (RSI) exceeds its neutral level, indicating a strong bullish attitude.
