Bitcoin Fluctuates at $92K as Traders Prepare for 'Manipulative' BTC Price Dip Conclusion

Bitcoin continues to test horizontal resistance levels, with traders hopeful for an upward breakout. Recent price fluctuations have been attributed to manipulative market forces, while a rising gold price poses a significant challenge for Bitcoin's future performance.

Key Takeaways

Bitcoin remains under pressure around key resistance levels, with an optimistic outlook for market strength.
Recent price dips in Bitcoin are believed to be influenced by manipulative actions in the market.
Gold is nearing new all-time highs, which could negatively affect Bitcoin's performance in the macroeconomic landscape.

Bitcoin Fluctuates at $92K as Traders Prepare for 'Manipulative' BTC Price Dip Conclusion

Bitcoin Price: Anticipating an 'Upward Breakout'

Data from Cointelegraph Markets Pro and TradingView revealed fluctuations in Bitcoin's price after briefly reaching $95,500 the previous day.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

As Bitcoin encounters several resistance levels on the daily chart, BTC/USD appears primed for a potential breakout. “Bitcoin is exhibiting erratic behavior. Illiquid markets lead to rapid price movements in both directions,” noted crypto trader and analyst Michaël van de Poppe in his latest analysis on X.

BTC/USDT four-hour chart with RSI, volume data. Source: Michaël van de Poppe/X

Recent upward movements have not been successful in converting resistance levels in December. Trader Daan Crypto Trades pointed out that the 200-period simple and exponential moving averages on the four-hour chart present additional hurdles. “Bitcoin is consolidating against its 4-hour 200MA/EMA and the ~$94K horizontal resistance, which has served as a range high for the past few weeks,” he summarized.

BTC/USD four-hour chart. Source: Daan Crypto Trades/X

Despite the current stagnation, Van de Poppe suggested there is less likelihood for a more significant market pullback moving forward. “Higher lows indicate a stronger trend structure, and we are establishing an uptrend. Prices are not declining, and I believe the recent sharp correction was largely driven by manipulative actions rather than natural market forces,” he explained.

Gold Approaching New Records

Following the Federal Reserve's interest-rate decision, US stocks joined the cryptocurrency market in retreating from some recent gains after Wall Street opened.

Related: Bitcoin's New Year Bear Flag Sparks $76K BTC Price Target Next

The S&P 500 was within 20 points of its all-time highs but dropped by 0.35% for the day, while gold prices approached $4,400 per ounce. “Gold is on the verge of breaking into new record territory,” stated the trading resource The Kobeissi Letter, highlighting that gold futures have seen a remarkable 65% return year-to-date.

XAU/USD one-day chart. Source: Cointelegraph/TradingView

At the start of December, Bitcoin reached its lowest point compared to gold since early 2024.

BTC/USD one-week chart. Source: Cointelegraph/TradingView

Commenting on the situation, Jeremy Batchelder, co-founder of the crypto automation platform Glyde, cautioned that the strong performance of precious metals could obscure the outlook for cryptocurrencies. “Gold is about to set new all-time highs, and silver keeps hitting new highs daily,” he informed his followers on X.