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Ahead of the New Year, Bitcoin remains steady around $92,000 within a descending wedge pattern
Currently, Bitcoin is showing price movements around $92,000 during the formation process of a descending wedge. According to real-time data, BTC price is hovering at $92.22K USD, making it a level closely watched by market participants.
Resistance and Support Level Structural Analysis
Technical analyst Xanrox points out that there is a Fair Value Gap (FVG) between $91,000 and $92,000, and this region is functioning as a strong resistance. Meanwhile, an important support level supporting the lower side is set at $74,620, and the downside potential up to this level is quite limited.
Price Forecast Based on Structural Analysis
Even during the often unstable market psychology around the year-end and New Year, Xanrox adheres to an analytical approach that emphasizes structural patterns on the chart and objective indicators like value gaps, rather than relying on sentiment for value judgment. The continued formation of this descending wedge is a significant factor increasing the predictability of short-term price movements.
As the new year approaches, Bitcoin continues to maintain a steady movement within a technical framework.