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Bitcoin (BTC) trades just below $90,000 after a fluctuating week of price action resulted in a net loss of 1.8%. Despite initial hopes of a resurgence in late November, the premier cryptocurrency is now 29.16% away from its all-time high. Going by the price action, popular analyst with the X username PlanD postulates BTC is now in consolidation guided by two major price levels.
Bitcoin Moves In Key Range Between $85,000-$93,000, Market Breakout Awaits
In an X post on December 5, PlanD provides an update on a continued analysis of the Bitcoin market, stating the crypto market leader appears to be building momentum within a set price range. Notably, recent price action has pushed the flagship cryptocurrency below the lower boundary of a broadening ascending channel between $93,000 and $131,000, raising fears of a bear market.
However, Bitcoin has repeatedly rebounded, forming a strong consolidation range between $85,400 and $93,000. PlanD defines the present market condition as Bitcoin being in a decision zone and needing a price breakout to determine its next major direction. The analyst states that if Bitcoin moves to overcome the price resistance at $93,000, its initial price target lies at $100,000. A successful reclaim of this psychological six-figure level would confirm renewed bullish intent and stronger potential for a full market revival.
On the other hand, if Bitcoin breaks below the vital support zone at $85,300, investors should expect steeper losses. In this case, PlanD projects a price drop to around $72,000, representing a potential 19% decline from present market prices. Notably, considering the recent market volatility, the ongoing consolidation may close out sooner than expected, to establish a clear market direction.
Bitcoin Price Overview
According to data from CoinMarketCap, Bitcoin trades at $89,703, reflecting a price loss of 2.99%. Meanwhile, the daily trading volume is up by 4.56% and valued at $63.16 billion.
Following the turbulent price action of the last week, BTC’s price struggles in Q4 continue against previous popular predictions. Still, several bullish indicators could support a rebound before year-end. Key catalysts include a widely anticipated interest rate cut at the upcoming Federal Open Market Committee (FOMC) meeting on December 9–10.
In addition, market sentiment is benefiting from speculation that pro-crypto economist Kevin Hassett could succeed Jerome Powell as Federal Reserve Chair in 2026.
Featured image from iStock, chart from Tradingview
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.
Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.
In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.
In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.
Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.
Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.
Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.
Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.
Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.
He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.
In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.
His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.
Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
