@hooiyewlim 30 December 2024 more from that month

Bitcoin Price Analysis: Year-End Pressure and Historical New Year Trends

Last 24 hours we see BTC price drop a bit, let's see what the chart say. Is it the end of Christmas rally? **Detailed Technical Analysis:** **Price Overview:** Current BTC/USDT price: **$93,772.87** (-1.23%). 24H Range: **$93,009.52 - $95,315.50**. Price is trending below the **EMA(7), EMA(25), and EMA(99)**, indicating bearish momentum. **Moving Averages:** **EMA(7)**: $94,267.80 **EMA(25)**: $95,171.46 **EMA(99)**: $97,216.03 The short-term EMA(7) is under the longer-term EMAs, confirming a downtrend. **Volume Analysis:** Declining volume on recent price action suggests weakening buying power. **MA(5)** volume at **2,665.81** is above the MA(10) volume at **2,026.76**, hinting at sporadic volatility but insufficient momentum for a trend reversal. **RSI (Relative Strength Index):** RSI(6) at **34.85** is approaching oversold levels (<30), suggesting potential near-term buying interest or consolidation. **Candlestick Pattern (4H):** Formation of lower highs and lower lows indicates sustained bearish pressure. Weak rejection at $93,009.52 indicates the market is testing key support. **Historical Bitcoin Performance During New Year:** Historically, Bitcoin often sees **price volatility around the New Year** due to: **Profit-taking:** Traders closing positions before year-end. **Renewed demand:** Fresh capital inflow at the start of the year. While early January has historically been a mixed bag, Bitcoin tends to show stronger performance in Q1, fueled by optimism and new liquidity. **Conclusion:** Bitcoin is showing bearish signals on the 4H chart with support at $93,000 and resistance at $95,000. With RSI nearing oversold territory, consolidation or a potential bounce could occur. Historically, Bitcoin often experiences fresh momentum in the New Year, so the upcoming days may provide an opportunity for trend reversal. Stay cautious of volatility.