Bitcoin has seen little movement over the past 24 hours, with prices trading in a narrow range due to the holiday season slowing trading. Market conditions remain calm and no major breakouts have occurred so far.
At the time of writing, Bitcoin is above a key short-term support zone around $85,500. As long as prices remain above this level, the overall near-term outlook remains stable. Another notable level is $84,400, which hit a recent low earlier this month. A fall below this level could weaken the current recovery attempt.
Trading during the holiday season is typically slow, and analysts don’t expect strong price movements between Christmas and the weekend. Bitcoin is likely to continue moving sideways in the short term, as volumes are often lower on Fridays, Saturdays, and Sundays.
Looking for signs of strength, experts are looking to see if Bitcoin can break above its recent near-term high of $88,350. A clear break above this level would signal increased buying interest. The next major resistance level is near the $90,550 level. If Bitcoin is able to rise above both levels, attention will likely shift to the higher resistance near $96,900.
For now, the benefit of the current market setup is clarity. Clearly defined support and resistance levels help traders manage risk. Although there is still a chance of a temporary decline in Bitcoin, the fact that the price remains above the current support range keeps the short-term outlook positive.
Overall, Bitcoin seems to be in a waiting phase. We may not see any more significant movement until after the holidays, when trading volumes return and market participation increases. Until then, experts are watching closely to see if the support continues and if Bitcoin can slowly gain momentum towards the end of the year.
