Bitcoin Dips Early December, But Eyes $100,000 if Key Resistance Breaks
Bitcoin's price action is testing the market's conviction. A dip in early December has traders watching the charts, knowing that a decisive move above a critical resistance level could unlock a path toward the coveted $100,000 milestone.
The December Dip: A Buying Opportunity or a Warning Sign?
Volatility is the only constant in crypto, and this month's opening act is no different. The pullback has sidelined the weak hands, while seasoned investors are scanning for the telltale signs of accumulation. It's a classic setup—fear meets opportunity, and the outcome hinges on a single technical line in the sand.
The $100,000 Catalyst: Breaking the Wall
All eyes are on that stubborn resistance zone. A clean breakout there wouldn't just be another green candle; it would be a signal flare, confirming a bullish structural shift and likely triggering a wave of institutional FOMO. The narrative would swiftly flip from 'if' to 'when' for the six-figure price target. Of course, Wall Street would promptly claim they saw it coming all along.
The stage is set. Bitcoin is coiled, waiting for its next directional cue. The coming days will reveal whether this early December dip was a brief stumble or the start of something more significant. One thing's for sure: the path to $100,000 runs directly through that resistance wall.
Bitcoin Dips Before Resistance Test
Van de Poppe points out that “Bitcoin tends to have increased action at the start of each month.” Because of the restart of algorithmic trading systems, short-term selling pressure emerges, and this leads to the sharp drop seen in early December, as seen in the chart above.
Market liquidity is also poor. In this case, the analyst points out that the large shake-out that took place on October 10 caused many people to withdraw from the marketplace. Consequently, when fewer people are transacting within the marketplace, any selling pressure at all can drive stock prices down quickly.
In spite of this slight correction, the prevailing market conditions for Bitcoin remain unchanged, van de Poppe added. “They were rejected at an important level of resistance, and this only strengthens the consolidation that has been in play for several weeks now.”
His technical analysis of bitcoin indicates that it approached the resistance level of $92,000 to $94,000 several times and that it didn’t manage to overcome this barrier, and this led to the rejection that is causing it to go down at the moment.
Bitcoin Slides Find Strong Support
In the TradingView chart, it is evident that there has been some descent from the recent top around $92,000, and then just a brief test of the level below $86,000 before buyers came in. All of this is in line with what van de Poppe believes about large algorithmic moves and low liquidity at the start of the month.
Still, it is evident from the chart that despite the volatility, it also prevails at the lower end of the range and thus resists further breakdowns.
BTC Could Surge After Consolidation Phase
Van de Poppe remains cautiously optimistic. He believes that Bitcoin will retest the same resistance level in the next one or two weeks. If it can break past that level, it may continue moving further upward and test the level of $100,000.
For now, it appears that Bitcoin is currently trying to consolidate and recover its strength. According to this analyst, this correction is just another normal reset of the markets, and it doesn’t point towards any possible weaknesses in the currency.
