The cryptocurrency market has opened the new weekly candle bullish, with Bitcoin and other major coins and tokens currently in the green.
Bitcoin is up by more than 2% in the last 24 hours and is currently trading close to $92k.
However, the recovery has failed to surpass the $93k resistance level, and Bitcoin could face a bearish price action in the near term.
Retail demand remains consistent as traders eye the FOMC meeting
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Bitcoin has been trading between the $88k and $93k levels over the past few days.
It retested the $88k low on Sunday but has quickly bounced back and is now trading above $92k once again.
The mixed performance comes as the US spot Bitcoin and Ethereum ETFs recorded mild weekly outflows of $87.77 million and $65.59 million, respectively.
The data from SoSoValue indicate a short-term weakness in institutional support.
The third-largest cryptocurrency by market cap, XRP, is also trading around $2 despite recording $230.74 million in inflows, marking its fourth consecutive positive week.
The retail demand for Bitcoin and other leading cryptocurrencies suggests a risk-on sentiment, with the major coins recording rising Open Interest (OI).
CoinGlass reveals that OI for BTC, ETH, and XRP futures has increased by over 2%, 3%, and 1% in the last 24 hours, respectively, with retail interest slowly increasing.
Over the past few days, Bitcoin has faced heavy rejection at 93,470, the same pivot identified on November 18.
Currently, the leading cryptocurrency is facing minor resistance above $92k, with sellers currently exerting pressure on this level.
If the sellers triumph, Bitcoin could face a correction towards the $88k level once again.
However, while Bitcoin is facing pressure on the lower timeframe, the higher timeframe suggests that the leading cryptocurrency could bounce rally higher in the near to medium term.
The support level at $86,616 could serve as the catalyst to push Bitcoin’s price higher over the next few days. Traders are currently focused on the upcoming December 10 FOMC meeting.
A rate cut by the Federal Reserve could push Bitcoin’s price towards the $97k level, with the $100k psychological level another major target.
Bitcoin’s price action remains mixed
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The BTC/USD 4-hour chart is bullish and efficient as Bitcoin has performed positively over the past few days.
The coin is currently trading at around $92k but continues to struggle to overcome the $93k resistance level.
Breaking above the $93,500 resistance level could confirm a bullish breakout and extend Bitcoin’s rally towards the next major resistance and transactional liquidity level at $97,205.
Currently, the momentum indicators show that the bulls are in control. The RSI of 59 is above the neutral 50, indicating a bullish bias.
The MACD lines are also within the positive territory.
However, if the bulls fail to take advantage of the recent rally, Bitcoin could face a potential selloff towards the support level at $86k.