As a seasoned crypto investor with a decade of experience under my belt, I must say that this rollercoaster ride we’re on with Bitcoin is nothing new. The recent decline from the $104,015 high and subsequent recovery is just another chapter in the book of BTC‘s price action.
The Bitcoin price plummeted dramatically from its peak at $104,015 and dropped beneath $95,000. Currently, Bitcoin is attempting to recoup losses but encountering resistance around the $99,000 mark.
- Bitcoin started a major decline after hitting a new all-time high at $104,015.
- The price is trading above $97,500 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could regain momentum if it closes above the key milestone level of $100,000.
Bitcoin Price Recovers Losses
The cost of one Bitcoin surged past the $98,500 barrier, subsequently breaking through the resistance at $99,500 and $100,000. Remarkably, the bullish momentum propelled Bitcoin to a record-breaking new peak.
Initially, a peak was reached at $104,015, after which there was a significant decrease in price. This decline took the price below both $100,000 and $95,000 thresholds. The price then approached the $92,000 area. A new low was established at $91,800, but now, the price is regaining lost ground.
The price of Bitcoin recently surpassed a significant resistance level (50% Fibonacci retracement) following its downward swing from $104,015 to $91,800. Currently, it’s trading above $97,500 and is now supported by the 100-hour Simple Moving Average. Moreover, a crucial bullish trendline is developing with a base at around $96,000 on the hourly Bitcoin/USD chart.
On a positive note, potential obstacles for the price increase could be encountered around the $99,360 mark or at the 61.8% Fibonacci retracement point of the fall from the peak of $104,015 to the trough of $91,800. The initial significant resistance lies near the $100,000 level. Overcoming this barrier might propel the price upwards further.
As an analyst, I’m projecting that the next significant resistance could be around $102,000. Should we manage to break above this barrier, it could propel the price upward potentially reaching the $104,000 resistance. Further gains beyond that point might push the price towards the $108,000 level.
Another Drop In BTC?
Should Bitcoin not surpass the $100,000 barrier, there might be a renewed drop in its price. A potential safety net for Bitcoin can be found around the $97,000 mark.
The primary reinforcement is close to $96,000. Another backup is currently at approximately $95,000. If the price continues to fall, it may approach the $92,000 support level in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $97,000, followed by $96,000.
Major Resistance Levels – $100,000, and $102,000.
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2024-12-06 05:46