Bitcoin (BTCUSD) Price Forecast: December 23
Following the renewed strength from the bulls, the Bitcoin market is rising again and may continue its uptrend after the recent downturn. Amid the recent price surge, the coin is attempting to regain its previous high at the $94,640 level. In case the bulls’ pressure breaks the above-mentioned resistance level, the coin price may increase further to a $120,000.00 high trend line, bringing significant gains across major coins in the crypto market, which will be a turnaround for the coin holders.
Key Levels:
Resistance Levels: $94000.00 $95000.00, $96000.00
Support Levels: $85,0000.00, $84,000.00, $83,000.00
BTC (USD) Long-term Trend: Bullish (4H Chart)
The BTCUSD price is rising again, and this may continue as it remains bullish on the higher time frame. This is clear as we can see the prices trading above the moving average line, indicating an uptrend.
At the time of writing this article, the Bitcoin market is losing bearish momentum as it rises to a $89,870.45 high level above the EMA-50, as the daily chart begins today, due to a high bullish impact on the market price.
The longer the price stays above the mentioned supply level, the more pressure builds up to reach a key significant level on the upside.
Hence, if the current support level holds, the crypto price may continue its bullish trend to hit the prior barrier level of $94,640, leading to a broad recovery rally.
Notably, the momentum indicator pointing up indicates that the price of BTCUSD is in an uptrend and may continue its uptick trend to hit the $120,000 supply level and beyond in the higher time frame.
BTC (USD) Short-term Trend: Bullish (1H Chart)
The BTCUSD pair turns positive today. The largest cryptocurrency is rising again and also portrays a bullish sentiment in its short-term perspective.
During the prior action, buy investors jumped to the $88,471 supply value above the EMA-50 and held it there, allowing the coin to stay strong above the trend line in its most recent high.
The momentum continues today as the bulls made a corrective move to a high at the $89,870.45 mark above the EMA-50 as the 1-hourly chart opens, showing the high impact of buy investors on the Bitcoin market; likewise, the downside risk remains uncertain.
Notably, the BTCUSD price is pointing up, indicating an uptrend on the price indicator. Given this, the bulls may continue the uptick trend to reach the $120,000 upper resistance level in the coming days.
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