As a seasoned researcher with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations. And while Bitcoin‘s latest dip below the $100,000 zone might seem alarming to some, it’s important to remember that every decline is just another opportunity for a comeback.
The price of Bitcoin continued to drop and fell below the $100,000 mark. Currently, Bitcoin’s trend suggests a downturn, and it may potentially fall further towards the $91,200 support level.
- Bitcoin started a fresh decline from the $100,000 resistance zone.
- The price is trading below $98,000 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance at $95,850 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 $92,000 support zone.
Bitcoin Price Dips Again
The value of Bitcoin couldn’t initiate a new rise and instead continued to fall short of the $100,000 mark. The digital currency showed signs of bearish movement as it dipped below the $98,000 and $96,500 thresholds.
The cost dropped to as low as $92,159, then bounced back slightly, but remained active near the $100,000 mark. The peak reached was at $99,575, after which it began another downtrend. It fell below the $96,500 point.
In simpler terms, the price of Bitcoin (BTC) dropped significantly below the 50% Fibonacci retracement level during its recovery from the $92,159 low to the $99,575 high. Additionally, a significant bearish trendline is being formed on the hourly chart of BTC/USD pair, with resistance at approximately $95,850.
Currently, Bitcoin’s price is dipping below roughly $98,000 and aligning with its 100-hour Simple Moving Average. Additionally, it’s approaching a significant Fibonacci retracement level of approximately 76.4%, which represents the recovery phase from the low of $92,159 to the high of $99,575.
Positively speaking, the immediate barrier to further increase is around $95,000. If we move beyond the initial resistance at approximately $95,850, it could potentially push the price upward. The next potential resistance might be found at $97,800. Overcoming this resistance could lead to another increase in the price.
If the situation continues as is, there’s a possibility that the price may escalate and challenge the barrier at $98,500. Further increases could potentially propel the price in the direction of $100,000.
More Downsides In BTC?
From my analysis, should Bitcoin struggle to break through the resistance at around $95,850, it may potentially trend lower. Notably, a significant support level lies roughly at $93,800 if we encounter a downturn.
The primary resistance lies around $92,500. If we move lower, the closest support can be found at approximately $91,200. Further declines may push the price towards the $90,000 support area in the short run.
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 – $92,500, followed by $91,200.
Major Resistance Levels – $95,850 and $97,800.
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2024-12-23 06:04