Bitcoin Price Analysis: Stuck Between Key Moving Averages at $99,600 and $94,650

According to COINOTAG News on December 25th, the co-founder of Material Indicators, Keith Alan, noted that the Bitcoin price is currently navigating a narrow range defined by the 21-day moving average and the 50-day moving average on the daily chart. The 21-day SMA hovers around $99,600, while the 50-day SMA is positioned at approximately $94,650. Bitcoin had been leveraging the 21-day moving average as a support level since mid-October until it recently fell below this threshold. However, the support near the 50-day moving average remains stable, indicating a potential area for price resilience. Market participants are closely monitoring this technical formation, as it could signify future movement trends in the cryptocurrency market.