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Bitcoin teeters below the $90,000 mark after a week-long price rollercoaster that ended with a 1.8% dip. The November rally fizzled, leaving the crypto king nearly 30% shy of its record peak. Is BTC stuck in neutral? X user PlanD thinks so, pointing to key price levels as guideposts in this consolidation phase.
Bitcoin Moves In Key Range Between $85,000-$93,000, Market Breakout Awaits
PlanD dropped a Bitcoin bombshell on X, December 5th: the crypto king might be coiling for a massive move. Their analysis reveals Bitcoin’s been building steam within a specific price zone. However, a recent dip below the $93,000-$131,000 ascending channel – a zone previously seen as a launchpad – has sparked whispers of a potential bear market. Is this just a temporary stumble, or a sign of a deeper correction? The crypto world is watching closely.
Bitcoin’s resilience is on full display, bouncing within a tight $85,400-$93,000 range. PlanD sees this as a pivotal moment: Bitcoin’s trapped in a decision zone, poised to either soar or stumble. Can it break free? Clear $93,000, and the bulls will target $100,000. Reclaiming that coveted six-figure mark would signal a powerful market resurgence.
However, a breach of Bitcoin’s critical $85,300 support level could trigger a sharper downturn. PlanD forecasts a potential plummet to approximately $72,000 – a chilling 19% drop from current levels. Given the market’s recent turbulence, this period of consolidation may be a prelude to a swift resolution, decisively charting Bitcoin’s next course.
Bitcoin Price Overview
Bitcoin stumbles, shedding 2.99% to land at $89,703, CoinMarketCap reveals. Bucking the price dip, trading volume surges 4.56%, fueling a $63.16 billion frenzy in the Bitcoin arena.
Bitcoin’s Q4 slump defies earlier bullish forecasts after a wild week of trading. But hope flickers: a potential year-end rebound could be fueled by bullish signals and the market’s eager anticipation of a Federal Reserve interest rate cut at the December 9-10 FOMC meeting. Will the Fed unlock a Santa rally for crypto?
Adding fuel to the crypto fire, whispers are circulating that pro-digital-currency economist Kevin Hassett might be the next Federal Reserve Chair in 2026, potentially succeeding Jerome Powell and ushering in a new era for digital assets.
Featured image from iStock, chart from Tradingview
Thanks for reading Bitcoin Settles In Consolidation Zone – Levels To Watch
