Bitcoin Slips Below $100K: Is The Rally Losing Steam?

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As a seasoned researcher with years of experience tracking Bitcoin‘s volatile journey, I can’t help but feel a pang of familiarity as I observe the latest decline in BTC prices. It seems we’ve been here before, teetering on the edge of $105,000, only to find ourselves slipping below yet again.

The cost of Bitcoin has dropped again, falling below the $105,000 level. At present, Bitcoin is decreasing by almost 5%, trying to finish below the significant support level of $100,000.

  • Bitcoin started a fresh decline from the $108,000 resistance zone.
  • The price is trading below $104,000 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if it stays above the $98,000 support zone.

Bitcoin Price Takes Hit

The price of Bitcoin made an effort to surge past the $108,000 barrier but couldn’t sustain the rise, instead falling back below the $105,000 mark.

Below the $102,500 support, there was a noticeable drop in price that took it down to as low as $98,728. Currently, the price is stabilizing after this decline. Furthermore, a bearish trend line is emerging on the hourly chart of BTC/USD pair, with resistance at $102,000.

currently, Bitcoin’s trading price hovers beneath $104,000 and aligns with its 100-hour Simple Moving Average. If it rises, it might encounter resistance around $100,500. Interestingly, this level is almost at the 23.6% Fibonacci retracement mark of the decline from the peak of $108,297 to the trough of $98,728.

The first key resistance is near the $101,000 level and the trend line. A clear move above the $101,000 resistance might send the price higher. The next key resistance could be $102,250. A close above the $102,250 resistance might send the price further higher.

In this scenario, the cost may climb and challenge the resistance at $103,500 or the 50% Fibonacci retracement point from the peak at $108,297 to the trough at $98,728. Should it continue to rise, it could potentially push the price towards the $106,000 mark.

More Downsides In BTC?

If Bitcoin fails to rise above the $101,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $98,500 level.

Initially, a significant level of support can be found around $98,000. Currently, another area of support is close to the $96,200 region. If there are further losses, the price may move towards the nearby support at $95,500.

Technical indicators:

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

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

Major Support Levels – $98,000, followed by $96,500.

Major Resistance Levels – $101,000, and $102,000.

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2024-12-19 06:04