#BTC UPDATE
BITCOIN UPDATE
Bitcoin is currently approaching a crucial resistance zone at $90,500.
This level has previously caused multiple heavy rejections, leading to strong pullbacks. Additionally, December is typically a low-volume month, so overall market momentum has remained weak.
However, as December is coming to an end, we are now seeing improving momentum in the market.
Short-Term Outlook
Bitcoin must break and close above $90,500.
After a successful breakout, we can look for entries on the retest, targeting $94k – $95k.
If the breakout fails, then $87k will be our key buying region.
Long-Term Outlook
Bitcoin needs to break above $98k to confirm a trend reversal.
At the moment, the market structure is still bearish, so level-to-level scalping is preferred.
The $98k breakout is crucial for the continuation of the bull run because:
It will confirm a change in market structure
It will break above the weekly 50 MA
It will clear a major monthly resistance
These confirmations will indicate that bulls are back in control.$BTC
