Bitcoin Looks Weak After Failed Attempt to Clinch $100K— A Deeper Pullback to $90,000 Could be Fast Approaching

The crypto bulls are back! To be more specific, the veterans are back as the primitive tokens like XRP, AVAX, LTC, ALGO, HBAR, etc. and many more with experience of the 2021 bull run and gaining more attention. It happened soon after the Bitcoin price entered relaxing mode after an attempt to breach the much-awaited target of $100K. The most important reason behind the sluggish behaviour is the drop in volume from the highs above $150 billion to the current levels below $50 billion. This shift in the volume to other altcoins could have weakened the rally, which again faced a failed attempt to reach $100K and dropped below $95,000. 

What’s next? What’s the Bitcoin (BTC) price prediction for December 2024?

As the Bitcoin price struggles, the fear and greed index just dropped below 80, suggesting the trader’s sentiments have just shifted from extreme greed to greed. However, the downfall does not appear to have reached its destiny yet, as more longs await to liquidate soon. 

The liquidation heatmap from Coinglass suggests the price faced a long liquidation barrier between $98,065 and $98,257 where nearly $500 million in longs were liquidated. Although the shorts placed at $96,336 offered a small rebound, it was not enough to keep up the rally, which fell weak at $97,000. As a result, the price is juggling in and out of $95,300, which has over $130 million in accumulated liquidity. So what’s next?

Considering the heatmap, the next possible level to look at is $95,657, which could break the bearish narrative; else, $94,500, which may weaken the bulls even more. However, considering the current trade set, a rebound appears to be fast approaching. 

The short-term price action suggests the token broke out of the rising parallel channel intending to reach the $100 milestone. Unfortunately, it attracted an 8.38% pullback, which further activated the bulls. Presently, the BTC price is testing the lower support of the channel, but this may certainly not be treated as the start of a bearish cycle.

Previously, when the bulls failed to hold $92,500, a drop close to $90,000. initiated a strong rebound. Hence, if the price fails to hold the support, a small bearish pullback to $94,500 could attract huge liquidity, reviving a rise to levels above $98,000. The stochastic RSI, which has dropped to the oversold range, is preparing for a rebound. With this, the bullish momentum could be re-instigated, reviving a rise back to $98,000, which has become more rigid, and a breakout with massive buying pressure could lead the rally to $100K. 

Until then, the Bitcoin (BTC) price could continue to juggle below the milestone while defending the support first at $95,500 and later at $91,500.