BTCUSD Today, December 29: Bitcoin Rangebound as Gold, Silver Soar
Bitcoin today is steady, with BTCUSD near US$87,564 after trading between US$87,350 and US$88,000. The move comes as gold and silver set fresh highs, spotlighting haven demand into year end. The Santa Claus rally window is still open, and Australian investors are watching for early January inflows that could spark a rebound. With RSI at 42.9 and MACD negative, momentum is soft, but a tight range may set up the next directional move. We lay out levels and catalysts.
Price action and key levels
Bitcoin today sits in a tight band. Intraday support is near US$87,350, then US$84,496 at the lower Bollinger Band. The Keltner lower line around US$82,065 is a deeper cushion. Initial resistance is US$88,000, then the Bollinger middle at US$89,354 and the upper band near US$94,212. ATR at 3,748 suggests scope for 3-4k swings in either direction.
Price is below the 50-day average at US$91,712 and the 200-day at US$107,608, which keeps the medium-term tone cautious. ADX at 34.98 signals a strong trend, while the negative MA slope implies a bearish tilt. RSI at 42.9 is neutral-bearish. MACD remains below signal, though the histogram is improving. MFI at 60.4 hints at dip buying if support holds.
Metals surge and the hedge narrative
The gold silver rally has pulled attention as both metals hit new highs, supported by haven demand and stable rate expectations. Stocks are near records too, keeping risk appetite alive. For context, see coverage on metals and equities holding firm here.
For Australian investors, stronger metals can act as a hedge while Bitcoin today consolidates. Some may rotate toward local gold miners or maintain a barbell with crypto on one side and bullion exposure on the other. Currency also matters. Keeping BTC in USD terms can reduce AUD noise, while allocations align with risk tolerance and time horizon.
Technical indicators at a glance
Bollinger Bands span roughly US$84,496 to US$94,212, framing the range. Keltner Channels center near US$89,561, with the lower band at US$82,065. ATR near 3,748 points to tradable intraday swings. OBV remains pressured, so follow-through on rallies needs volume confirmation. RVI at 55.26 is supportive, suggesting up-moves can stick if price clears nearby resistance.
Bitcoin today shows mixed momentum. Stochastic %K at 31.5 and Williams %R at -66.5 sit near weak territory, while CCI at -38.9 is mildly negative. ROC at -1.7% and a negative Awesome Oscillator confirm hesitancy. Still, a firm close above US$89,354 could flip momentum short term, while a break below US$84,500 risks a deeper pullback.
What could fuel a January crypto bounce
Fresh calendar inflows and the seasonal Santa Claus rally backdrop can support risk exposure into early January. If equities hold gains, crypto often benefits from improved sentiment and new allocations. See the latest context on the Santa Claus rally period here. Australian advisers and self-managed super funds may reassess crypto weights as markets reopen.
Near term, reclaiming US$89,354 sets up a test of US$94,212. Closing above the 50-day average at US$91,712 would strengthen the case for a January crypto bounce. Model projections point to about US$91,771 over one month, US$137,052 quarterly, and US$83,932 over one year, with longer-term estimates at US$108,533 to US$170,330. Treat these as guideposts, not guarantees.
Final Thoughts
Bitcoin today is rangebound near US$87,564 while gold and silver draw fresh interest. We see clear markers for the next move. Bulls want a close above US$88,000, then the Bollinger middle at US$89,354 and the 50-day at US$91,712. Bears will watch US$87,350 and US$84,496 as lines of defense. With RSI subdued and ATR healthy, patience and sizing matter. For Australian investors, consider staged entries near support, use limit orders during Asia hours, and review crypto-metals balance. If early January flows arrive, a sustained push above US$91,712 could unlock further upside toward US$94,212. If supports fail, preserve capital and reassess at the Keltner lower band.
FAQs
Gold and silver are benefiting from haven demand and supportive rate expectations. Bitcoin today sits below key moving averages, which keeps momentum muted. Until BTC clears nearby resistance with volume, some capital prefers metals. That said, a small risk-on turn can quickly shift flows back to crypto.
Intraday support sits near US$87,350, then US$84,496 at the lower Bollinger Band. Resistance is US$88,000, followed by US$89,354 and the upper band at about US$94,212. A close above the 50-day average at US$91,712 would improve momentum and raise odds of a January follow-through rally.
It can. New-year allocations, steady equities, and improving sentiment often help risk assets. If Bitcoin today reclaims US$89,354 and the 50-day average, local confidence could lift. Watch liquidity as markets reopen, and size positions to handle ATR-level swings without overexposure to overnight moves.
Keep entries near support, set clear stops, and avoid chasing thin moves. Consider a balanced mix if you also hold metals. For Bitcoin today, look for a high-volume break above resistance before adding. Use limit orders during local hours, and reassess if price loses the US$84,500 area.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
