Analyst: Bitcoin's Failure to Stand at $100,000 Curbs Market Buying, But Helps Get Rid of Short-Term Overbought Conditions

Bitcoin's failure to stabilise above $100,000 may have dampened buying in the overall market,’ said Alex Kuptsikevich, chief market analyst at FxPro, on December 9th. Bitcoin is trading below $99,000 and has seen little overnight volatility. Its failure to rise has had a negative impact on the torrents.

We believe that Bitcoin's stagnation is an important price correction that will help the market shake off its short-term overbought state and move higher more reliably. However, based on Fibonacci expansion projections, the next wave of upward momentum could push the price near $120,000.’