Technical analysis by WaltrAlexander about Symbol BTC: Sell recommendation (12/12/2024)

Bitcoin is likely to drop to $74,000 before heading higher because it needs to reset after an overextended rally. The $74,000 level acts as a strong support zone, where the price can consolidate and build a healthier base for the next leg up. The market appears overbought, with momentum indicators signaling the need for a cooldown, and the current price is far from key moving averages, suggesting a pullback is natural. Additionally, $100,000 is a major psychological resistance level, and a drop to $74,000 could serve as a liquidity grab, allowing larger players to accumulate before pushing the price higher. Once the market resets and gains new buying interest, the path toward $155,000 becomes more realistic.