Weekly Analysis for Bitcoin: Year-End Price Outlook

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

This week, in the fourth part of our weekly Bitcoin analysis series prepared in collaboration with MEXC, we will examine this tight consolidation and the potential effects of the yearly opening level that will change in a few days. We observe that the price is finding buyers at the horizontal support around $84,700. Above, the $90,250 monthly opening and the $93,770 regions stand out as important resistance levels.

Looking at the daily chart, breaking above the levels of $90,250 and then $93,770 could signal the beginning of a new upward wave for Bitcoin's price. 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 up to the $74,000 level.

On the other hand, the yearly opening level, which will be established in a few days with the new year, is considered a factor that could alleviate some of this pressure in the medium term when compared to the previous year. In the short term, the 4-hour chart similarly shows a horizontal view, but critical levels are also present. According to analyses, if Bitcoin's price cannot permanently exceed the $90,000 level, the first noteworthy level in the downtrend could be determined as $82,244.

Conversely, if there are consistent 4-hour closes above the $90,000 level, it is expected that the price will move again towards the $94,000 and $96,000 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 neglected.