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.
Read More
- Metal Gear Solid Delta dev provides update on release after missing all of last year
- WATCH: Jagapathi Babu takes us into world of RC16 with a BTS glimpse of his look; says ‘After a long time…I feel very satisfied’
- Who Is Noah Kahan Engaged to? Brenna Nolan’s Job & Relationship History
- Matt Goss Net Worth 2025: How Much Money Does He Make?
- Captain America: Brave New World Video Previews Action-Packed Sequences
- What is DeepSeek AI?
- No, Carly Is Not Leaving General Hospital: Exit Scare Explained
- Mariska Hargitay Reminisces About SVU Audition & Christopher Meloni Friendship
- Transformers Fans are Going Wild Over Stunning New Stop-Motion Series Reveal!
- SSMB29: Priyanka Chopra Jonas arrives in Hyderabad for Mahesh Babu and SS Rajamouli’s jungle adventure movie; WATCH
2024-12-20 06:04