Will Bitcoin Price Reach a New ATH in December? What BTC USD Charts and Technical Analysis Tells Us EOY for Bitcoin 2024?
Bitcoin ETFs have received inflows of hundreds of millions per day over the past week, and traders are now expecting that December could mark the end of the year with another positive monthly close.
However, it’s hard not to be excited by such good news. After the election, assets under management (AUM) of Bitcoin ETFs increased by over 120%, in just one month.
WE
Bitcoin ETF Inflows Per Day
— HODL15Capitale
Bitcoin ETF Inflows Per Day 
in millions of dollars But as the saying goes, technical analysis is always our best friend when it comes to trading, rather than emotions. Emotions are a great indicator, but let’s look at the charts!
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Unraveling the Mysteries of Bitcoin Price – Technical Analysis When BTC Price Varies
After enjoying the good news regarding the orange coin phenomenon, let’s dive into the latest technical analysis of Bitcoin .cwp-coin-chart svg path { Stroke: ; line width: ; }
Price
Trading volume in 24 hours
Last price movement over 7 days
price.
(BTC/USDT)
In my honest opinion, it is a difficult time for a beginner trader to decide whether to engage in trading. I prefer to wait and see how the price develops, and here’s why.
The Bitcoin price chart above shows four significant selling candles – an engulfing downtrend. Keep in mind that this is a medium to high time frame – 12H. These candle closes carry more weight than lower timeframes, such as 1H and 4H. We have also repeatedly rejected the $100,000 level. Compared to my analysis last week, I adjusted the Fib retracement upwards near $104,000.. Indeed, we saw the price break above the first high several times and retested the 0.236 level.
(BTC/USDT)
Now we have zoomed out and look at the 1D time frame through early 2024. Starting from the left, we see how the price gradually increased in an ascending channel in December 2023 and experienced a sell-off in January. From March to October, Bitcoin price was in a descending channel and slightly exceeded ahead of the US elections.
At the end of this year we will see another form of ascending channel/wedge. Sometimes these are bottom-up accumulations. Sometimes they fall first, so I would be careful. Regardless, the uptrend is not broken until the daily close is below $68,000.
The likelihood of this happening is rather low, considering all the ETF inflows are giving long-term holders a good reason to hold onto their holdings. Even though we could see another pullback, Bitcoin remains bullish. Moving above $104,000 should initiate the next leg higher.
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The post A bullish argument for Bitcoin just before EOY? appeared first on 99Bitcoins.
