Can BTC Hold $100,000? JinaCoin, Japan’s Largest Crypto Media, Provides Technical Analysis

bitcoinistPublished on 2024-12-06Last updated on 2024-12-06

Abstract

Bitcoin (BTC) Price Analysis On Thursday, the 5th (Japan time), Bitcoin surpassed the $100,000 mark, achieving a historic milestone. The...

Bitcoin (BTC) Price Analysis

On Thursday, the 5th (Japan time), Bitcoin surpassed the $100,000 mark, achieving a historic milestone. The price of Bitcoin reached a high of $104,075.42, setting a new all-time high.

Following the $100,000 milestone, a drop attributed to profit-taking sales occurred. This sudden decline brought the price down to $91,152.80 at one point. According to data from Coinglass, $3.348 billion worth of long positions were liquidated within an hour. Yesterday’s market saw significant volatility, with candlesticks forming long upper and lower shadows. Bitcoin is currently trading around $97,500.

One of the factors driving the price above $100,000 is believed to be the positive market reaction to President-elect Trump’s nomination of Paul Atkins as the next chairman of the U.S. Securities and Exchange Commission (SEC). Atkins is known as a pro-cryptocurrency advocate, and if his appointment is confirmed, he is expected to focus on regulatory easing and reducing penalties for violations. The current chairman, Gary Gensler, is scheduled to step down on January 20, 2025.

On the 4-hour chart, it can be observed that the price is moving within an ascending parallel channel. Although yesterday’s volatility caused a temporary breakout below the channel, bullish buyers quickly stepped in, pushing the price back into the channel, leaving a long lower wick on the candlestick.

As for the future market outlook, if the monthly support level and the lower boundary of the parallel channel hold, the price is expected to continue moving within the channel while gradually rising, potentially attempting to surpass $100,000 again. Conversely, if the support levels break down, the price could drop to the $92,000–$95,000 range, drawing attention to where the decline might stabilize.

What is JinaCoin?

JinaCoin is a leading cryptocurrency media platform in the Japanese market, operated by Jaybe Co., Ltd. It provides reliable news, in-depth analysis, and expert opinions related to the latest blockchain technologies and cryptocurrencies. By accurately tracking industry trends and delivering valuable information, JinaCoin supports informed decision-making for cryptocurrency investments. 

 

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