With resilient support at $84,000 holding firm, Bitcoin bulls are gaining confidence ahead of large options expiring December 26 at a $100,000 max pain level amid expected low liquidity.
The bitcoin price briefly surged above $89,000 on Thursday after a sharply cooler-than-expected U.S. inflation report, before pulling back to around $88,374.
Bitcoin faces a probable plunge below $84,000 this week, with technicals pointing to a swift retest of $70,000 lows as sellers capitalize on exhausted upward pressure.
Bitcoin price jumped above $94,000 after the Federal Reserve cut its benchmark rate 25 basis points to 3.50%–3.75% to support jobs and curb elevated inflation.
Bitcoin closed the week at $90,429 after testing $84,000 support and $94,000 resistance, with bulls now banking on Wednesday's FOMC meeting for a rate cut to fuel upward momentum toward $101,000.
PREDICT BITCOIN
