Bitcoin Decline Continues: Are Bulls Losing Control?

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As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself observing yet another dip in the price of Bitcoin. Having witnessed numerous ups and downs over the years, I can’t help but feel a sense of déjà vu as BTC trades below the $102,000 resistance zone and heads towards the $92,000 support zone.

The price of Bitcoin dipped further and dropped below the $100,000 mark, indicating a struggle for the cryptocurrency that could potentially lead to a further decline towards the $92,000 support level.

  • Bitcoin started a fresh decline from the $102,000 resistance zone.
  • The price is trading below $102,000 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance at $98,500 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 $95,500 support zone.

Bitcoin Price Dips Further

The cost of Bitcoin didn’t manage to initiate a new rise and instead deepened its decline, falling below the $102,000 region. As the price dropped below $100,000 and $98,000, Bitcoin showed signs of bearish movement.

The cost dipped beneath $96,500, touching its lowest point at $95,586 before stabilizing. Currently, it’s holding steady as it recovers from those losses. Additionally, a significant downward trend line is emerging with resistance at around $98,500 on the hourly chart of Bitcoin versus the U.S. dollar pair.

Currently, Bitcoin’s trading price has dipped below the $102,000 mark and is also lower than its 100-hour Simple Moving Average. If it rises, there might be an obstacle around the $98,500 region. Interestingly, this level is close to the 23.6% Fibonacci retracement level of the recent price drop from the high of $108,295 to the low of $95,586.

The first key resistance is near the $100,000 level. A clear move above the $100,000 resistance might send the price higher. The next key resistance could be $102,000. A close above the $102,000 resistance might send the price further higher.

In this particular situation, the cost may increase and challenge the resistance at $103,400 or the 61.8% Fibonacci retracement level from the high of $108,295 to the low of $95,586. If it continues to rise, it could potentially push the price up towards the $105,000 mark.

More Downsides In BTC?

If Bitcoin fails to rise above the $98,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $96,200 level.

Initially, significant backing can be found around $95,500. Currently, another area of backup lies close to the $93,200 region. If there are further declines, the value could head towards the nearby $92,000 support level in the short term.

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 – $95,500, followed by $93,200.

Major Resistance Levels – $98,500 and $100,000.

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2024-12-20 06:04