As a seasoned researcher with years of experience analyzing cryptocurrency markets, I must admit that the current state of Bitcoin is as intriguing as ever. The price consolidation around $95,000 presents an interesting scenario – a resistance at $96,500 that’s proving to be a tough nut to crack for BTC.
Bitcoin‘s price remains stable around $95,000. For Bitcoin to make a new upward move soon, it needs to break through the resistance at $96,500 first.
- Bitcoin is holding gains above the $93,500 zone.
- The price is trading below $96,500 and the 100 hourly Simple moving average.
- There was a break above a short-term bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $96,500 resistance zone.
Bitcoin Price Faces Resistance
The cost of Bitcoin briefly aimed to surpass the barrier at $96,500, but selling pressure from the bears prevented this and caused Bitcoin to drop instead. A decline occurred, even dipping beneath the support level at $94,500.
Initially, the cost dipped below ninety-four thousand dollars. A new low was established at ninety-three thousand five hundred sixty-five dollars, and now the price is trying to rise again. There was a significant jump over the nine thousand five hundred dollars mark. The price surpassed half of the Fibonacci retracement level in the downward trend from the swing high of ninety-seven thousand three hundred ninety-five dollars to the low of ninety-three thousand five hundred sixty-five dollars.
On the hourly Bitcoin-to-USD chart, we observed a breach above a short-term downtrend line with resistance at approximately $96,000. Currently, Bitcoin’s price is hovering below $96,500 and is also under the 100-hour Simple Moving Average.
In a positive scenario, the cost may encounter obstacles when approaching approximately $96,500. This level is almost equivalent to the 76.4% Fibonacci retracement level of the downward trend from the peak of $97,395 to the trough of $93,565. The primary resistance point lies around $96,800. A decisive break above this barrier could potentially push the price upwards.
If the market surpasses $98,000, it could potentially push the price upwards even more, reaching close to or testing the $99,000 barrier next. Further increases might then lead us towards the $100,000 mark.
Another Drop In BTC?
If Bitcoin fails to rise above the $96,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $95,500 level.
As an analyst, I’m observing that the primary resistance level lies around $95,000. Moving forward, the next significant support can be found within the vicinity of $93,500. If we experience further declines, it’s likely that the price will trend towards the $92,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $95,500, followed by $93,500.
Major Resistance Levels – $96,500, and $98,000.
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2024-12-04 05:46