Recently, the market has seen a strong correction due to the Bitcoin price bull run of the past several days. On December 7, 2020, the price hit a low of $19,030.09, which is considered to be a new all-time low.<\/p>\n
However, the appearance of a double bottom pattern has led to an optimistic outlook on this correction.<\/p>\n
Bitcoin can rebound, as is now more evident. Obviously, there will be some challenges along the way. The Bitcoin price present momentum is one of the cryptocurrency\u2019s major challenges.<\/p>\n
The current momentum is merely reversing the past downward trends, thus it may not be enough to break through the $25,000 price level, according to latest analyses.<\/p>\n
Bitcoin Price: The Familiar Resistance Level<\/p>\n
Bitcoin\u2019s price actually did reach $25,000 in late August, which is a significant milestone. Such a pattern indicates that the current market has the potential to and likely will attempt to break through resistance.<\/p>\n\n
Chart: TradingView.com<\/a><\/p>\n Looking at the range during the past four hours, it appears that BTC will be trading between $19,226 and $24,286 for the time being.<\/p>\n This challenge is attributable to the traders\u2019 pessimism in response to the most recent CPI report. The survey revealed an annual inflation rate of more than 8 percent.<\/p>\n This bleak assessment could be followed by a 1% increase in interest rates. Therefore, the bulls must maintain their position inside the range of $19,226 to create momentum.<\/p>\n The prominent oscillator indicator has shown a bullish advance. In contrast, the moving averages exhibited bearish indicators.<\/p>\n Sustainable Momentum A Must For Bitcoin<\/p>\n To continue driving the price higher, the bulls must generate persistent momentum. Once more, sustainability will reduce the probability of a dramatic correction.<\/p>\n The price of Bitcoin should not drop below the 71.60 Fibonacci level. If bears break through to the downside, Bitcoin\u2019s price might fall to $18,000.<\/p>\n This occurrence will further bring the price down. A sustainable momentum for a rally should be one of the bulls\u2019 top aims in order to surpass the $25,000 threshold.<\/p>\n However, given the present pessimism and panic on the market, it may be some time before BTC reaches the $25,000 barrier.<\/p>\n\n BTC total market cap at $384 billion on the 4-hour daily chart | Source: TradingView.com<\/a><\/p>\n Featured image from Business World IT, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Recently, the market has seen a strong correction due to the Bitcoin price bull run of the past several days. On December 7, 2020, the price hit a low of $19,030.09, which is considered to be a new all-time low.<\/p>\n However, the appearance of a double bottom pattern has led to an optimistic outlook on this correction.<\/p>\n Bitcoin can rebound, as is now more evident. Obviously, there will be some challenges along the way. The Bitcoin price present momentum is one of the cryptocurrency\u2019s major challenges.<\/p>\n The current momentum is merely reversing the past downward trends, thus it may not be enough to break through the $25,000 price level, according to latest analyses.<\/p>\n Bitcoin Price: The Familiar Resistance Level<\/p>\n Bitcoin\u2019s price actually did reach $25,000 in late August, which is a significant milestone. Such a pattern indicates that the current market has the potential to and likely will attempt to break through resistance.<\/p>\n Chart: TradingView.com<\/a><\/p>\n Looking at the range during the past four hours, it appears that BTC will be trading between $19,226 and $24,286 for the time being.<\/p>\n This challenge is attributable to the traders\u2019 pessimism in response to the most recent CPI report. The survey revealed an annual inflation rate of more than 8 percent.<\/p>\n This bleak assessment could be followed by a 1% increase in interest rates. Therefore, the bulls must maintain their position inside the range of $19,226 to create momentum.<\/p>\n The prominent oscillator indicator has shown a bullish advance. In contrast, the moving averages exhibited bearish indicators.<\/p>\n Sustainable Momentum A Must For Bitcoin<\/p>\n To continue driving the price higher, the bulls must generate persistent momentum. Once more, sustainability will reduce the probability of a dramatic correction.<\/p>\n The price of Bitcoin should not drop below the 71.60 Fibonacci level. If bears break through to the downside, Bitcoin\u2019s price might fall to $18,000.<\/p>\n This occurrence will further bring the price down. A sustainable momentum for a rally should be one of the bulls\u2019 top aims in order to surpass the $25,000 threshold.<\/p>\n However, given the present pessimism and panic on the market, it may be some time before BTC reaches the $25,000 barrier.<\/p>\n BTC total market cap at $384 billion on the 4-hour daily chart | Source: TradingView.com<\/a><\/p>\n