BTC Faces Double Top: Is a Pullback Coming?
As discussions shifted to a BTC price rejection on Tuesday, Bitcoin eyed its new weekend futures gap. Bulls were unable to recover important support overnight, according to data from Cointelegraph Markets Pro and TradingView. Thus, BTC/USD was unable to hold onto its November highs of $107,465. Threatening to publish a double top structure on the hourly chart instead.
$BTC got rejected from the $107,000-$108,000 resistance level. The next key support for Bitcoin is around $104,000 which also has a CME gap. Usually, Bitcoin bottoms on Tuesday, which means we could see a CME gap fill followed by a bounce,
crypto investor and entrepreneur Ted Pillows
Van de Poppe: Bitcoin Could Rebound Strongly Above $100K
Michaël van de Poppe, a cryptocurrency trader, analyst, and entrepreneur, said that the current state of affairs is rather typical for Bitcoin.
The big question is now: Will $BTC hold at $103K? – Will $BTC hold at $100K and provide a double-bottom test? If neither are true, then we’re looking at $90-93K for a potential test and then we’re not done yet.”
Van de Poppe
Van de Poppe stressed that rather than being an indication of long-term weakness, Bitcoin’s present corrective phase is a feature of a sound market structure. He pointed out that if trade volumes corroborate accumulation in this area, keeping support over $100,000 may open the door for a fresh positive trend. Before the next possible bounce, though, a deeper decline toward the $90K range would put investor confidence to the test and lead to larger liquidations.
QCP Capital Outlines Key Factors for Bitcoin’s Long-Term Growth
The trading firm QCP Capital determined the necessary prerequisites for a long-term increase in the price of Bitcoin. It said that in order to stave off sellers farther up, bulls needed good macroeconomic fundamentals. In its most recent Asia Color market brief on Monday, it detailed how a sustained spot rebound, bolstered by macro tailwinds and stabilizing ETF inflows, might revive demand.
However, rallies above $118k are likely to face renewed OG selling pressure. Until long-term holder supply eases, the most probable base case remains a range-bound BTC market in the medium term.
QCP
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