The post Key Bitcoin Levels Under The Spotlight This Weekend: Insights From Glassnode appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Bitcoin (BTC), the largest cryptocurrency by market capitalization, has experienced a remarkable uptrend over the past three weeks, inching close to the elusive $100,000 mark.  This follows Donald Trump’s victory in the presidential election over Democratic Party candidate Kamala Harris, which boosted investor confidence in a new era for the broader industry. This has led to increased adoption of the leading crypto, with major corporations worldwide adopting it as a strategic reserve asset. In addition, inflows into exchange-traded funds (ETFs) have increased, further contributing to the bull run. However, after its recent 7% correction, the Bitcoin price fell to around $91,000. Then it regained the $96,000 mark, raising questions about its ability to break through the psychological $100,000 barrier before the end of the year. Critical Support At $92,700 The peak price of $99,540 achieved last week has left investors wondering whether Bitcoin can sustain its momentum or if selling pressure will lead to further consolidation.  Despite the uncertainty, Glassnode founders Yann Allemann and Jan Happel have provided insights into Bitcoin’s potential trajectory as December approaches. They acknowledge the challenges ahead but maintain that the $100,000 target remains feasible. Related Reading In a social media post on X (formerly Twitter), Allemann and Happel outlined critical levels to watch in Bitcoin’s price action.  They noted that while Bitcoin is currently in a bullish channel, resistance at $97,200 has yet to be overcome. Should this resistance hold firm, a retest of the $92,700 support level—aligned with the Daily 20 Simple Moving Average (SMA)—is likely.  This support zone is deemed crucial by the two founders for maintaining the bullish channel and keeping the $100,000 target within reach. Bitcoin Could Surge To $125,000–$140,000 By Year-End Adding to the bullish sentiment, crypto analyst Ali Martinez highlighted historical trends…

---

Filed under: News - @ December 1, 2024 9:07 am