Bitcoin (BTC) starts December with $100,000 in sight but out of reach as the sun sets on a month like no other.
Ranging below all-time highs is keeping Bitcoin traders guessing over when the magical six-figure BTC price tag will appear.November 2024 sets the record for Bitcoin’s biggest US dollar gains in a single monthly candle.Funding rates show a lack of overheated market conditions — a key ingredient in supporting further upside.A bumper week of US employment data precedes the Federal Reserve’s crunch interest rate decision.Onchain profit trends are channeling classic parabolic bull market vibes with a rare SOPR “golden cross.”
Bitcoin works on “bull flag” below $100,000
Bitcoin avoided flash volatility into the weekly close after November validated a key BTC price breakout.
Still circling $95,000 on Dec. 2, per data from Cointelegraph Markets Pro and TradingView, BTC/USD continues to coil beneath what many see as a watershed level: $100,000.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Putting recent BTC price action in context, popular trader and analyst Rekt Capital revealed a successful support retest.
“Bitcoin has rebounded +7% to the upside after successfully retesting ~$91,000 (red) as support,” he wrote about the daily chart in a recent post on X.
“In the short-term, it will be worth watching how the price action continues to develop within this potential Bull Flagging structure.”
BTC/USD 1-day chart. Source: Rekt Capital/X
Rekt Capital added that a daily close above $97,450 “could kickstart additional trend continuation to get closer to challenging $100,000 once again.”
To the downside, Keith Alan, co-founder of trading resource Material Indicators, noted support now in place at $95,000 and $90,000.
BTC/USDT liquidity data. Source: Keith Alan/X
“Short term retest of support is possible,” trader Kevin Svenson reasoned in part of his own X post examining 4-hour timeframes.
“Overall my bias is bullish despite short term.”
BTC/USD 4-hour chart. Source: Kevin Svenson/X
An accompanying chart targeted $93,500 as the potential next support retest zone.
Monthly BTC price…
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