On December 4, Wolfe Research stated that now is a good time to buy cryptocurrencies on dips. The current cryptocurrency market is showing a clear divergence between bulls and bears, which is creating a potential buying opportunity. The firm still expects that Bitcoin’s interim bottom may be around $75,000, even after Bitcoin rebounds and reclaims the $90,000 level. However, Wolfe also pointed out that inflows into Bitcoin ETFs remain weak, and digital assets as a whole are still generally under pressure and declining. From a technical perspective, the crypto market has returned to a key long-term support area, which has served as a turning point for the market multiple times in the past. Momentum indicators are improving, and this Bitcoin rebound is also seen as constructive. Wolfe believes the next major test is near the 50-day moving average at $101,000, while $100,000 is the most significant psychological level.
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Wolfe Research: Crypto Market Presents a Buying Opportunity; Bitcoin's Next Key Resistance Is at $100,000
On December 4, Wolfe Research stated that now is a good time to buy cryptocurrencies on dips. The current cryptocurrency market is showing a clear divergence between bulls and bears, which is creating a potential buying opportunity. The firm still expects that Bitcoin’s interim bottom may be around $75,000, even after Bitcoin rebounds and reclaims the $90,000 level. However, Wolfe also pointed out that inflows into Bitcoin ETFs remain weak, and digital assets as a whole are still generally under pressure and declining. From a technical perspective, the crypto market has returned to a key long-term support area, which has served as a turning point for the market multiple times in the past. Momentum indicators are improving, and this Bitcoin rebound is also seen as constructive. Wolfe believes the next major test is near the 50-day moving average at $101,000, while $100,000 is the most significant psychological level.