Bitcoin Price At Crossroads: Will It Stabilize and Surge Again?

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As a seasoned crypto investor with years of experience riding the Bitcoin rollercoaster, I find myself cautiously optimistic about the current price action. The recent recovery above $95,000 is a positive sign, but the resistance at $101,250 presents a formidable hurdle.

As a financial analyst, I’ve observed Bitcoin’s price rebounding from its losses, surging past the $95,000 mark. However, currently, it’s holding steady but encountering obstacles around the $101,250 resistance level.

  • Bitcoin started a fresh increase after it dropped toward the $90,000 zone.
  • The price is trading below $100,000 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $99,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could regain momentum if it closes above the $101,250 resistance zone.

Bitcoin Price Holds Key Support

As a researcher, I’ve observed that the Bitcoin price has surged past the significant resistance of $95,500, paving the way for further growth. Remarkably, it managed to breach not just the $96,500 but also the $98,000 resistance levels, indicating a strong bullish momentum in the market.

The price of the bulls (investors hoping for an increase) has climbed beyond the 61.8% point in the pullback from the peak at $104,015 to the low at $91,800. Yet, it appears that the bears (investors expecting a decrease) are active above $101,000. They’ve been successful in preventing the price from closing above $102,000.

In simpler terms, the cost found it difficult to rise and stay above the 76.4% Fibonacci retracement point in the declining trend that started at the peak of $104,015 and ended at the trough of $91,800.

Currently, the Bitcoin price is dipping below the $100,500 mark and the 100-hour Simple Moving Average. Moreover, a significant bullish trend line is emerging with support at approximately $99,000 on the hourly chart of BTC/USD pair.

On a positive note, there may be obstacles for the price around the $100,000 mark. Initially, a significant resistance can be seen at approximately $101,250. If the price surpasses this initial barrier, it could potentially rise further, with the next potential resistance coming in at $102,000.

If the value breaks through the $102,000 barrier, it may continue to ascend and reach the potential resistance at $104,200. Further increases could lead the price towards the $108,000 region.

Another Drop In BTC?

Should Bitcoin struggle to break through the resistance at around $101,250, it may initiate a new round of corrections. In such a case, potential support can be found around the $99,000 mark or the existing trendline.

Initially, significant backing can be found around $97,800. Currently, additional backup is located within the vicinity of $96,000. If losses continue, the price may trend towards the nearby $95,000 support in the immediate future.

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 – $99,000, followed by $97,800.

Major Resistance Levels – $100,000, and $101,250.

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2024-12-09 06:04