Bitcoin Price Holds Support: Ready to Spring Back?

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As a seasoned analyst with years of experience tracking Bitcoin‘s price movements, I find myself observing a somewhat familiar pattern in the current scenario. The price has dipped below the $98,000 support and is currently consolidating losses, a sight that has become all too common in recent market fluctuations.

The price of Bitcoin held steady above the $94,200 level, signifying a potential foundation for further growth beyond the $98,000 resistance.

  • Bitcoin started a fresh decline below the $98,000 support zone.
  • The price is trading below $97,500 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance at $97,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could regain momentum if it closes above the $98,000 resistance zone.

Bitcoin Price Stays Above Support

The value of Bitcoin continued to fall, dropping below the $98,000 resistance level it previously held. It also dipped below the $96,500 support and momentarily fell below $95,000.

At $94,314, a dip occurred and since then, the price is holding steady, recovering some losses. A rise was observed above the $96,650 mark. The price surpassed the 61.8% Fibonacci retracement level of the decline that started from the peak at $98,267 to the trough at $94,314.

Currently, Bitcoin’s price is trading below the $98,000 mark and just under its 100-hour Simple Moving Average. If it rises, it might encounter resistance around $97,500. This level is also close to the 76.4% Fibonacci retracement level of the recent price drop from the peak of $98,267 to the low of $94,314.

In simpler terms, the initial significant barrier lies around $98,000. Additionally, a notable downward trendline is emerging on the hourly Bitcoin-to-Dollar (BTC/USD) chart, with resistance at approximately $97,800.

Breaking through the $98,000 barrier could potentially push the price upwards, with the next significant hurdle at around $98,800. If we manage to close above this new resistance, it might trigger further increases in price. This could lead us to challenge the $100,000 resistance and possibly even reach toward the $102,000 mark if the positive momentum continues.

Another Decline In BTC?

If Bitcoin doesn’t manage to break through the $98,000 barrier, it might trigger a fresh decline. The lowest point this decline might reach is roughly around $96,500.

In simpler terms, the initial strong resistance can be found around $95,000. Currently, a secondary resistance is appearing close to the $94,250 region. If the price continues to drop, it might head towards the $92,000 support level in the immediate future.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $96,500, followed by $95,000.

Major Resistance Levels – $98,000, and $98,800.

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2024-12-11 05:46