The cryptocurrency market is witnessing a tough battle between the bulls and bears at the $100,000 level, with Bitcoin (BTC) being no exception. According to a recent blog post by CryptoQuant contributor Percival on December 6, Bitcoin’s weekly strength is worn out, indicating a consolidation period in the near future.
Why the Consolidation Period?
The prolonged bull run that began in 2020 has taken its toll on Bitcoin’s price action, leading to a significant decrease in buying pressure. As a result, the bears are trying to capitalize on this weakness and push the price down to $80,000 or even lower.
Technical Analysis: A Look at the Chart
The daily chart of BTC/USDT is showing a clear resistance level at $100,000, with multiple attempts by the bulls to break through it. However, each time they try, the bears manage to push the price back down.
- Resistance Level: $100,000
- Support Level: $80,000
Other Cryptocurrencies in Focus
While Bitcoin is dominating the headlines, other cryptocurrencies are also experiencing their own battles between bulls and bears. Here’s a brief look at some of them:
1. Pepe (PEPE)
The price of PEPE has reached its overhead resistance level of $0.000027, with both the bulls and bears vying for control.
- Resistance Level: $0.000027
- Support Level: $0.000021
2. Fantom (FTM)
After breaking above the $1.23 overhead resistance level on December 2, FTM has been showing solid buying pressure.
- Resistance Level: $1.68
- Support Level: $1.23
Conclusion
The battle between bulls and bears at the $100,000 level is far from over, with Bitcoin being a key player in this game of cat and mouse. As the cryptocurrency market continues to evolve, it’s essential for investors and traders to stay informed and adapt their strategies accordingly.
Investor Alert
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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