Bitcoin’s repeated failure to cross above $100,000 increases the risk of a drop under $90,000.
Binance Coin news
Bitcoin needs to find support in the $90,000 to $85,000 range in order for altcoins to recover and find new buyers.
Bitcoin’s recovery shows solid buying at lower levels, increasing the possibility of a break above $100,000 in the short term.
A solid recovery in Bitcoin price is a hint that bulls have not given up on BTC and altcoins as they continue to buy dips below key support levels.
Memecoins were also tipped by the survey respondents as a top source of market growth next year, behind AI tokens.
Sustained demand from buyers has pushed Bitcoin to a new all-time high, opening the doors for a rally toward $113,000.
The intrinsic value of cryptocurrencies can be calculated using Metcalfe’s Law, production costs and discounted utility models.
Bitcoin is facing selling above $100,000, but the repeated retest of a resistance level increases the likelihood of a breakout.
Bitcoin’s strong recovery shows aggressive buying on every minor dip, but the bulls may struggle to overcome the $100,000 resistance.
Bitcoin’s failure to cross above $100,000 could extend the current price pullback. The real question is whether or not bulls will buy the dip.