Bitcoins drop is signaling that the market may be overbought and due for a correction in the first quarter of the year. Short-term trend: The price is more likely to decline in the near term. The next support level (a point where the price might stop falling) is around $84,500. Intermediate-term outlook: The price could continue to decline for several weeks. Support and resistance levels: Secondary support: Around $73,800, Which means if the price of Bitcoin falls below $84,500 ( it's first support level ) the next support level is $73,800 Resistance: This is the price if it hits it will have resistance to breaking through it. The resistance t is the recent high of $108,000. Long-term outlook: Despite this short-term dip, the long-term trend remains positive. Monthly indicators suggest Bitcoin’s price could still rise in the coming year. This makes any correction (price drop) a potential buying opportunity for those looking to invest. This is all good news for it gives us a chance to dollar cost avg into ibit or however you are participating with money you can afford to lose

Posted by Suze at 2024-12-30 22:11:21 UTC