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Bitcoin technical analysis: BTC/USD odds of a rally to $14,000 before December 31

Bitcoin confinement in a descending channel spells doom for the bulls as target shifts to $7,000.
BTC/USD is still seeking a bottom; a reversal from the bottom could easily climb to $14,000.

John Isige FXStreet

Spot rate: $8,743

Relative change: -67

Percentage change: -0.77%

Volatility: Low

Trend: Bearish

BTC/USD daily chart

Bitcoin is lethargic above $8,700 but $9,000 must be broken for bulls to have a clear path of sight leading to $10,000.

The descending channel resistance has been tested numerously. A break above this channel could finally place Bitcoin in trajectory towards $14,000.

BTC/USD 4-hour chart

The RSI suggests that Bitcoin is yet to find a bottom. A drop into the oversold could be a cause for the next reversal above $9,000.

Apart from the trendline support Bitcoin fill seek refuge at $8,500, $8,400 and $8,000.

BTC/USD 1-hour chart

Bitcoin selling pressure continues to hinder BTC reversal below the descending trendline resistance.

The MACD bullish cross signifies increasing bullish influence in the near-term but no rapid movements expected.

BTC/USD

Overview
Today last price	8741.87
Today Daily Change	-69.77
Today Daily Change %	-0.79
Today daily open	8811.64

Trends
Daily SMA20	8898.97
Daily SMA50	8559.36
Daily SMA100	9528.44
Daily SMA200	9197.68

Levels
Previous Daily High	8867.69
Previous Daily Low	8558.09
Previous Weekly High	9580.19
Previous Weekly Low	8668.6
Previous Monthly High	10484.7
Previous Monthly Low	7300.54
Daily Fibonacci 38.2%	8749.43
Daily Fibonacci 61.8%	8676.36
Daily Pivot Point S1	8623.92
Daily Pivot Point S2	8436.21
Daily Pivot Point S3	8314.32
Daily Pivot Point R1	8933.52
Daily Pivot Point R2	9055.41
Daily Pivot Point R3	9243.12

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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