View: Bitcoin Returns to $90,000 Driven by Technicals, No New Catalyst in Sight
BlockBeats News, December 29th, Presto Research's researcher Rick Maeda stated, "Bitcoin's return above $90,000 is mainly driven by technical factors rather than any single new catalyst. The $90,000 level was a clear resistance level, and once Bitcoin regained its footing, it likely triggered short covering and momentum-driven buying pressure."
Kronos Research's Chief Information Officer Vincent Liu also expressed a similar view, stating that Bitcoin rebounded from a period of consolidation at a technical support level, with the "key level now turned back into a support level."
A researcher from an exchange stated that Bitcoin's upward momentum reflects a technical relief brought by options expirations and the altcoin-led correlation. He also added that over $1 billion in ETF outflows related to tax loss harvesting and broader de-risking weighed on Bitcoin, which in December was "essentially fluctuating within the range of $86,500 to $90,000." (The Block)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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