FxNews—Bitcoin began trading sideways after its prices rose to almost $104,000 on December 5. As of this writing, the digital gold trades at approximately $101,000, stabilizing above the 75-period simple moving average.
Bitcoin Technical Analysis – 12-December-2024
As for the technical indicators, we notice the Stochastic Oscillator depicts 91 in the description, meaning Bitcoin is overbought in the short term. Therefore, prices might decline and test a lower support level before the uptrend resumes.
The immediate support is at $98,000. If immediate resistance is maintained, the next technical bullish target could be the December 5 high at $104,000.
Conversely, the short-term bullish outlook should be invalidated if BTC/USD dips below the $98,000 mark, backed by the 75-period SMA. If this scenario unfolds, the cryptocurrency could fall toward the $94,000 support.
