Bitcoin price faces 100 EMA hurdle on Xmas day amid positive RSI momentum
Bitcoin nears $100,000 mark amidst market sentiment shift
Bitcoin's price performance and market sentiment suggest pivotal moments ahead. After rebounding 7% from its recent low of $92,000 to a 3-day high of $99,300, Bitcoin now trades just below the $100,000 mark.
However, strong resistance at this psychological level, coupled with lingering greed in market sentiment, hints at a potentially rocky path for the cryptocurrency's recovery.
BTC price dynamics (November-December 2024). Source: TradingView.
This week, Bitcoin found support at the $92,000 level, a crucial price floor since late November. As of Christmas Day, the cryptocurrency trades at $98,000 challenged by the 100-day exponential moving average (EMA) resistance on the 4-hour chart. Price action has been thin, with low volume persisting through both the Asian and European trading sessions.
Bitcoin price outlook: Fear & greed index at 73 signals recovery ahead
The Bitcoin Fear & Greed Index remains at 73, reflecting a strong sense of greed in the market. This is down from the extreme greed reading of 87 earlier this month when Bitcoin hit its recent high. Historically, market tops often align with extreme greed, while significant bottoms occur during extreme fear. The current sentiment suggests that while some cooling has taken place, the market is still not fully reset for a sustained rally.
The Relative Strength Index (RSI) which is currently above 50, indicates positive momentum given that price isn't yet overbought. For Bitcoin to regain bullish momentum, the $100,000 level remains a critical resistance. Failure to break this level could see Bitcoin retesting $92,000, a monthly support zone. Any sustained drop below this support would signal broader bearish implications, potentially pushing the price lower. In summary, Bitcoin sits at a crossroads. Its ability to overcome $100,000 resistance amid a positive but restrained optimism will determine the trajectory in the near term.
Bitcoin’s recent price action defied optimism often associated with the festive season. Support at $92,000 was repeatedly tested, signaling ongoing bearish pressure.
