The post Bitcoin (BTC) Can’t Break $100,000, Dogecoin (DOGE) Can Sniff $0.5, Did Shiba Inu (SHIB) Form Hidden Cup and Handle Pattern? appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. As it continues to struggle to break the historic $100,000 barrier, many investors have found the recent price action of Bitcoin to be both exciting and frustrating. Due to strong market forces opposing the asset’s upward momentum, this crucial level has turned into a psychological and technical resistance. The asset has been consolidating around $100,000 following its robust rally from $25,000 earlier this year, according to an analysis of Bitcoin’s chart. Though the recent stagnation suggests caution, the surge brought hope. The aggressive selling pressure from whales is a primary cause of this pause. The price of Bitcoin has been under a lot of downward pressure as a result of these big holders selling off their holdings around the $100,000 mark. This pattern is supported by the recent increase in sell-side volume, which makes it more difficult for the asset to acquire sufficient momentum to overcome the resistance. BTC/USDT Chart by TradingView Overall, this price movement is similar to what has been seen in past market cycles. Bitcoin’s historical patterns as previously discussed point to significant corrections and consolidations close to significant psychological levels prior to subsequent movements. Similarly, the $100,000 threshold functions as a barometer for the strength of the asset and the mood of the market. Another element preventing upward momentum is early investors’ profit-taking.…

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Filed under: News - @ December 9, 2024 12:05 am