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Earlier today, the price of Bitcoin rose receipt Intraday high $98,481 before paring some gains.
Bulls are constantly trying to reclaim $100,000 after recovering from the sharp drop to the $91,000 level on December 30.
DonAlt, a popular pseudonymous trader with nearly 650,000 followers on social media network X, recently noted that Bitcoin had an "excellent" week. However, he also warned traders that the cryptocurrency has approached a somewhat “dangerous level.” “Break it and we will send everything,” he said. “I would like to see it broken before I can feel joy.”
As U.Today reported, some analysts also warned traders of weak Bitcoin momentum based on decreasing trading volume. Bitcoin will need significant volume for the bulls to make another big rally.
Bitcoin peaked at $108,364 on December 17 on the Bitstamp exchange before seeing a 16% correction.
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While corrections of this size are normal during a bull market, it still raises some concerns about the possibility of a sharp trend reversal.
Bitcoin bulls took a big hit after the US Federal Reserve adopted a more hawkish tone and indicated it would implement smaller interest rate cuts.
Moreover, the leading cryptocurrency recorded a “shooting star” candle on the monthly chart, which can be interpreted as a bearish signal for bulls. These candles have previously been followed by significant price corrections.
However, despite some potential downside headwinds, Bitcoin is largely expected to outperform this year by many pundits. For example, Anthony Scaramucci of SkyBridge Capital did this anticipation It could rise to $250,000 in 2025.
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