Bitcoin (BTCUSD) to rebound to 98,141.9 after correction

The Bitcoin (BTCUSD) price has been declining in recent days. However, predicting its further movement until December 25, 2024 involves a high degree of uncertainty. The recent downturn caused by, among other things, the legal battles over Binance and continued regulation in the US, has created a tense environment. The current situation could be considered a correction within a longer-term bullish trend.

Global macroeconomic conditions, especially the US Federal Reserve's (Fed) actions, keep determining the Bitcoin (BTCUSD) price. The Fed's latest announcement of fewer projected interest rate cuts in 2025, along with rising Treasury bond yields, suggest a tightening of monetary policy. This, in turn, may negatively affect risky assets, including Bitcoin, as investors switch to more conservative strategies. The situation is worsened by the released US GDP growth data, which contributes to a stronger dollar. Its strengthening has traditionally put pressure on the cryptocurrency market, adding more uncertainty to the Bitcoin price prediction in the near term.

The probability of a moderate correction of the price to about $96,000 is rather high now, and then a new growth wave is possible. However, the price increase will depend on favorable macroeconomic conditions and positive news, such as the approval of Bitcoin ETFs or further adoption of cryptocurrencies at the state level worldwide. The technical picture adds to this uncertainty.

From a technical point of view, such key indicators as MACD and Chaikin oscillator suggest a continued bearish phase. But despite the local decline, the probability of a bullish reversal remains. Breaking through the support level near $91,164.81 may lead to further decline.

Investors are advised to partially take profits at current levels to minimize risk, and to set a Stop loss order just below $91,164.81. In case of favorable news, including growth in trading volumes and MACD reversal, the target level for BTC by December 25, 2024 could be $98,141.90. It is better to open positions in the range of $91,164.81–$96,000. High volatility remains a key risk requiring a cautious approach.