Weekly Analysis for Bitcoin: Year-End Price Outlook

The price of Bitcoin (BTC) has been trading in a tight range below the monthly opening resistance at 90,250 dollars and above the support at 84,700 dollars for the past week. As the new year approaches, the direction of the year's first opening level (yearly open) is emerging as a decisive factor. As of December 28, the price of Bitcoin has not shown significant price movement compared to previous weeks and has remained in a horizontal movement pattern.

In this week's fourth episode of our weekly Bitcoin analysis series, sponsored by MEXC, we will examine this compression in the narrow range and the potential effects of the yearly opening level, which will change in a few days. We observe that the price is finding buyers at around 84,700 dollars. Above, the 90,250 dollar monthly opening and 93,770 dollar regions stand out as important resistance levels.

Looking at the daily chart, breaking above the 90,250 dollar and subsequently 93,770 dollar levels could signal the beginning of a new upward wave for the price of Bitcoin. However, if these resistance levels cannot be broken, there is a possibility of pullbacks if the price remains below these areas. Analyses predict that in a negative scenario, a correction process could come into play down to the 74,000 dollar level.

On the other hand, the yearly opening level that will occur in a few days, being lower than the previous year, is considered a factor that could alleviate some of this pressure in the medium term. In the short term, the 4-hour chart shows a similarly horizontal outlook, but there are also critical levels present. According to analyses, if the Bitcoin price cannot permanently rise above 90,000 dollars, the first notable level in the downward trend can be identified as 82,244 dollars.

Conversely, if there are permanent 4-hour closes above the 90,000 dollar level, the price is expected to move back towards the 94,000 dollar and 96,000 dollar regions. These critical support and resistance levels will be closely monitored on the BTC/USDT pair on MEXC. Particularly in leveraged positions, risk management should not be overlooked.