From cointelegraph by Rakesh Upadhyay
Bitcoin BTC$97,604 found support near $94,000 on Dec. 10, and the bulls made a solid recovery on Dec. 11. The price soared back above the psychologically crucial level of $100,000 after November’s inflation report met economists’ projections. According to the FedWatch Tool, the probability of a 25-basis point rate cut in the next meeting has risen to more than 96%. That could prove to be bullish for risky assets.
Bitwise investment chief Matt Hougan and research head Ryan Rasmussen said in a report that Bitcoin could cross $200,000 by the end of 2025. Along with Bitcoin, the duo is also bullish on Ether ETH$3,692.25 and Solana SOL$212.87, expecting them to rise to $7,000 and $750, respectively.
Bitcoin’s sharp rally is expected to face strong selling near the all-time high of $104,088. The failure to clear the overhead hurdle may attract another round of selling by the short-term bulls. That suggests Bitcoin may remain volatile in the near term, resulting in the occasional liquidations of leveraged positions.
Will Bitcoin sustain above $100,000 or higher levels attract sellers? Could altcoins stage a recovery after the recent pullback? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin rebounded sharply off the 20-day exponential moving average ($96,133), indicating that the uptrend remains intact.
The bulls will have to drive the BTC/USDT pair above the $101,351 to $104,088 resistance zone to signal the resumption of the uptrend. The pair could then rally to $113,331 and later to $125,000.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls are booking profits. The pair may tumble to $90,000, a crucial support to watch out for.