Bitcoin Targets $94,029 Support: Will It Rally to $108,000 or Drop Further?

• Bitcoin trades near $94,029, a pivotal mark that could trigger major price movement soon.
• Sustaining above $94,029 could push costs to $108,000, offering traders  upside potential.
• Breaking below $94,029 risks rapid declines to $90,243 or $83,626, highlighting  backing zones.

The cryptocurrency market continues to display notable price swings, with Bitcoin  placed at the center of attention. As of December 21, 2024, BTC/USDT is approaching a lower equilibrium at $94,029.05, a figure that could dictate its next directional move. This analysis sheds light on the technical and financial indicators that traders are closely monitoring.  

Key Support and Resistance Levels to Watch  

BTC’s price currently stands at $94,904, placing it just above the  bearish limit of $94,029, which traders are closely monitoring. Breaking below this support could send the price tumbling to $90,243, which aligns with the 0.786 Fibonacci retracement level. Additionally, a worst-case scenario may see the price hit $83,626 if selling pressure intensifies further.  

If the token manages to hold above $94,029, a probable rally could push the price to $96,000 in the short term, while a further breakout may extend gains to $108,000. This bullish move would represent a 39% increase from the current support, possibly materializing within 25 days, ending on January 23, 2025.  

The Fibonacci retracement zones provide traders with reliable indicators for price action, marking areas where Bitcoin may reverse or continue its current trend. These levels make $94,029 and $90,243 pivotal points for Bitcoin’s short-term performance.  

Bullish Outlook: Potential Gains of Over 39%  

If Bitcoin sustains above $94,029, traders expect momentum to build, leading to significant price increases toward $96,000 and $108,000. A rally to $108,520 would yield a 39% gain from the support level, making it a key target for traders over the next 25 days.  

Besides technical indicators, the market sentiment surrounding Bitcoin remains optimistic as buyers closely monitor the $94,029 level for potential entry points. A bounce from this support zone could attract fresh buying activity, further strengthening the upward trend.  

However, if resistance at $96,000 holds, Bitcoin may face challenges before reaching the $108,000 mark, which remains a crucial psychological level.  

Bearish Risks: Key Levels Below $94,029  

If Bitcoin fails to hold above $94,029, it could drop to $90,243 within 11 days, marking a potential 21% decline. Breaking below this level would expose the price to further losses, with the next major support identified at $83,626, where buyers may attempt to stabilize the market.  

Traders remain cautious about taking aggressive positions until Bitcoin confirms its next direction, making $94,029 a critical level for decision-making.  

Bitcoin’s Transfer Volume Correlates With Price Growth Near $100,000

Data from Glassnode shows Bitcoin’s total transfer volume has mirrored its price growth, reaching historical peaks during major bull runs. Since 2010, Bitcoin’s price surged from under $1 to near $100,000, with notable transfer volume spikes during key moments like 2017 (over 60 million BTC) and 2021.  

Recent trends reveal sustained activity into 2024, with Bitcoin nearing $94,029, a support level identified in earlier analyses. Analysts expect continued transfer activity if Bitcoin holds above this level, potentially rallying to $108,000. However, failure to maintain support could lead to declines, emphasizing the connection between price action and transfer volumes.