Bitcoin bulls win latest battle as $BTC price climbs again

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As a seasoned crypto investor with over a decade of experience navigating the rollercoaster ride that is the cryptocurrency market, I’ve learned to take each price fluctuation in stride. The recent dip and quick rebound of Bitcoin is no exception.

Initially peaking above $98,000 on Monday, the Bitcoin (BTC) price dropped down to around $93,600 on Tuesday. But the buyers have since intervened and pushed the price up again to roughly $96,700. Will this upward trend persist? Is it a breakout or could we see another rejection instead?

Following its descent to the lower boundary of the temporary triangle it’s in, the Bitcoin price was swiftly purchased by the bulls. Again, the price is moving towards the triangle’s upper limit, potentially signaling a breakout.

Martial law overturned in South Korea 

Multiple elements might’ve played a role in the quick drop in Bitcoin’s price, including but not limited to, the unexpected imposition of martial law by South Korean President Yoon Suk-yeol. However, this decision was subsequently reversed by South Korea’s parliament.

Blackrock IBIT ETF now holds half a million BTC

In the United States, the Blackrock IBIT Spot Bitcoin ETF added another 7,230 bitcoins to its holdings on Tuesday, increasing its total to 500,380 bitcoins. The fact that half a million bitcoins have been purchased by this entity in less than a year indicates a strong possibility for where the price of Bitcoin could head during the rest of this bull market.

Crypto-friendly regulators on the way in?

Regarding regulatory appointments, Paul Atkins remains the chosen candidate by President Trump for the position of SEC Chairman, even though there have been whispers that Atkins may be hesitant to accept the role. On the other hand, Christopher Giancarlo, former Chair of the Commodity Futures Trading Commission, is reportedly the president’s top choice for the overarching “Crypto Chief”.

If these two gentlemen maintain their roles, given their strong support for cryptocurrency, it’s quite possible that Bitcoin could experience a significant surge as we approach the close of this year.

$BTC revisits bottom of triangle

On a 4-hour Bitcoin chart, the price plummeted to the base of a flag formation, which lined up perfectly with the 0.618 Fibonacci level from the recent downtrend. This dip appeared to be an excellent spot for a rebound, and indeed, Bitcoin bounced back at that point.

Currently, the price has climbed sufficiently and reached a point that aligns with the 0.618 Fibonacci retracement level from the previous drop. If it manages to surpass this level, the 0.786 Fibonacci and the peak of the triangle are close by, offering potential obstacles due to their strength as resistance points.

Bollinger Band jaws wide open on 2-week chart

The two-week Bollinger Bands provide an intriguing narrative. As the bull market unfolded from 2020 to 2021, you’ll notice that the bands expanded significantly, reflecting market growth. Moreover, during this period, the price tended to stay outside the upper band, except for when it dipped back inside at the beginning of the double tops.

In early 2023, the price experienced a convergence, followed by another instance of compression later in the same year. Subsequently, it remained within the upper price range until retreating and returning to the $69,000 ceiling.

With prices climbing once more, gaps have widened significantly. The question now is whether they’ll manage to hold near the upper limit. If they do move inside, will that mark the conclusion of the bull market?

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2024-12-04 14:01