Bitcoin Price Outlook: Bulls Target $94,000 Break for Momentum Into New Year

Bitcoin bulls managed to defend the critical support level around $85,000 last week, closing at $88,656. The price action is currently within a broadening wedge pattern, and failure to break above the low trend line this week could lead to a drop toward the low $70,000s.

Key resistance levels for the bulls are set at $91,400 and $94,000, with stronger resistance zones between $98,000 and $108,000. Conversely, if support at $84,000 fails, the next expected support zone is $72,000 to $68,000, with a deeper drop potentially reaching the $57,000 Fibonacci retracement level.

For the current week, despite potentially low Christmas week liquidity, bulls are expected to push harder, possibly aiming near $100,000 due to large long-dated options expiring on December 26th. A sustained weekly close above $94,000 over the next few weeks is crucial for bulls to maintain upward momentum into the new year.

(Source：Bitcoin Magazine)