On Dec. 19, Bitcoin briefly fell below $100,000 before rebounding sharply to as high as around $102,750. Nonetheless, the price is still trading below its record high of circa $108,365.
Bitcoin's likelihood of reclaiming $108,365 and rising above it is possible next, primarily because it has been trending inside an ascending parallel channel.
On Dec. 19, the cryptocurrency tested the channel's lower trendline as support, and is now eyeing the 50-4H exponential moving average (50-4H EMA; the red wave) at around $102,590.
In doing so, BTC's price upside target for December appears to be around the channel's upper trendline at around $109,650.
Bitcoin's rally above $100,000 faces resistance as overbought signals emerge, with the weekly RSI at 74 suggesting a potential correction.
However, Bitcoin is holding above the 1.0 Fibonacci retracement level near $101,700, a critical support zone. Staying above this level could fuel a push toward $150,000, the 2.618 Fib target.