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Bitcoin (BTC) Price Analysis
price bitcoin It reached $100,000 around 11am today, December 5, and has surged further to $103,000 at the time of writing. Yesterday, Wednesday, December 4, the trading session closed with a bullish candle, increasing +2.87% compared to the previous day.
In yesterday’s trading, Bitcoin successfully broke through a parallel upward channel at the monthly level. This breakout turned previous monthly resistance into support, creating a stable market environment conducive to further price rises.
The positioning of the moving average is also favorable. Until about two weeks ago, the candlesticks had a significant gap from the short-term moving averages, but since then the moving averages have caught up, providing better support and making it easier for the market to target upward momentum.
Using Fibonacci retracement analysis, the next immediate price target after reaching $100,000 is estimated to be around $105,600.
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