• Bitcoin has factored in a brief price dip of 0.99% in the last 24 hours.
• The cryptocurrency’s daily trading volume recorded a dip of 16.06% as per CMC data.

The cryptocurrency market is still in the recovery lane, as suggested by the overall market cap increase of 4.99%. Leading cryptocurrencies have depicted different narratives over the past day. Meanwhile, World Liberty Financial has continued to buy tokens in the last 24 hours, increasing speculation about its activity. Apart from this, the market seems to be settling down for the weekend.

Notably, the largest cryptocurrency, Bitcoin, experienced a 0.99% price dip between December 12 and 13. Similar to the previous day, BTC briefly reclaimed its $101K mark before descending back to the $99K level. At the beginning of the day, Bitcoin was trading at a high of $101,083 before hitting an intra-day high of $102,524.

Zooming out, over the past week, Bitcoin shows a modest price increase of 2.36%. Its weekly price chart shows that the digital asset was trading at a low of $97,820. Following this, owing to the increased liquidations, Bitcoin slid to the $94K level. At the time of writing Bitcoin was trading at $99,959 as per CMC data.

The cryptocurrency’s price movements suggest that it is struggling to surpass resistance at $100K. In the span of the past week, it has tested the level more than five times and failed to hold its price above this mark. In case of more bullish runs in the following week, it might surpass this crucial resistance.

Will Bitcoin Price Hit a New All-Time High?

Bitcoin’s price action forms a horizontal channel pattern. This pattern is an indication when bullish and bearish candles fall on the same line and can be interpreted as price consolidation. Additionally, its bull power indicator value is 8.71 as per TradingView data. However, its bear power indicator value stands at -1.05 showing the bulls overpowering the trend.


BTC/USDT Daily Price Chart (Source: TradingView)

Thirdly, the cryptocurrency’s Moving Average Convergence Divergence (MACD) signal line stands below the MACD line. While this does refer to a negative trend, the recent price movements have brought it closer to a crossover. If Bitcoin reverses its positive momentum, then the crossover can be anticipated and subsequently a new All-time high.

Meanwhile, Ethereum has recorded a price dip alongside other leading altcoins such as Solana and XRP.

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