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Bitcoin on New Year's Eve, battling around $91,000 as it forms an ascending wedge
The Bitcoin market is currently forming an ascending wedge within a descending channel, and market sentiment is filled with tension. The latest data shows a level of $92.22K, with intense battles taking place within the range of $90,000 to $92,000.
According to analyst Xanrox, the fair value gap between $91,000 and $92,000 is functioning as a crucial resistance zone in the current market. Selling pressure in this area is preventing the price from rising further, and whether buyers can break through this level is the focus.
Meanwhile, the support line at $74,620 is also clearly recognized. This support level is watched by market participants as the last line of defense in case the market declines. A scenario where this level is broken would suggest a shift toward a more severe downtrend.
Xanrox emphasizes the importance of relying on more structural and objective technical analysis rather than market sentiment or temporary news flow when interpreting Bitcoin’s price movements. Analyzing the changes in price structure during the formation of the ascending wedge, how gaps are filled, and the functionality of support and resistance lines are essential for predicting the next market move.
As the year-end and New Year period approaches, Bitcoin is at a technical turning point, attracting the attention of many traders regarding its future price movements.