As a seasoned researcher with years of experience tracking Bitcoin’s market dynamics, I can confidently say that the current correction is just a temporary hiccup for the world’s leading cryptocurrency. The price dipping below $95,000 and consolidating near $92,500 is not uncommon in such a volatile market.
The cost of Bitcoin is temporarily dropping from its $95,000 support level. Earlier, Bitcoin came close to $90,000, but at present, it’s holding steady around $92,500 as it consolidates.
- Bitcoin started a downside correction below the $95,000 zone.
- The price is trading below $94,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $93,500 resistance zone.
Bitcoin Price Corrects Gains
The value of Bitcoin found it difficult to continue its upward trend and instead began a decline after falling beneath the $97,500 mark. Bitcoin dropped below not only $96,000 and $95,000 but also dipped as low as $92,000.
As an analyst, I’ve observed a significant upward trend since we dipped at $90,736. We’ve successfully surpassed the previous resistance level at $91,800. Furthermore, the price has moved beyond the 23.6% Fibonacci retracement level of the downward swing from the peak at $98,880 to our low at $90,736.
Currently, Bitcoin’s trading value falls below the $95,000 mark and under the 100-hour Simple Moving Average. If it rises, potential obstacles may appear around the $93,500 price point. Additionally, a bearish trend line is forming with resistance at $93,500 on the hourly Bitcoin-to-USD chart.
The first key resistance is near the $94,800 level. It is close to the 50% Fib retracement level of the downward move from the $98,880 swing high to the $90,736 low.
If the price breaks through the $94,800 barrier easily, it may continue to increase. The potential next resistance level could be around $95,750. If the closing price exceeds this $95,750 resistance, further growth could be expected. In such a scenario, the price might climb and reach the $97,500 resistance point. Additional gains may push the price towards approximately $98,000.
Another Drop In BTC?
Should Bitcoin not manage to surpass the $93,500 barrier, there’s a possibility it might initiate another price decrease. A potential floor in this downtrend could be found around the $91,800 mark.
The primary reinforcement is close to the $90,500 region. The subsequent reinforcement is currently situated around the $90,000 area. Further declines could push the price towards the $88,000 reinforcement in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $91,800, followed by $90,500.
Major Resistance Levels – $93,500, and $94,750.
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2024-11-27 05:46