As a seasoned crypto investor with over a decade of experience under my belt, I have seen my fair share of market fluctuations, especially when it comes to Bitcoin. The latest dip below $98,000 is nothing new, but it’s always a bit unsettling to see such a significant player in the market take a hit.
The cost of Bitcoin has dropped again and has fallen beneath the $98,000 support. At one point, it approached the $95,000 mark but is now attempting to recover from these losses.
- Bitcoin started a fresh decline below the $98,000 support zone.
- The price is trading below $98,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $98,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could regain momentum if it closes above the $98,800 resistance zone.
Bitcoin Price Takes Hit
The Bitcoin price struggled to surge beyond the $100,000 mark and instead, it initiated a new drop, falling below $98,000. This downtrend also breached the support at $96,500.
The cost dipped as low as $94,140 before starting an upward trend. It surpassed the $96,500 threshold and continued rising. Moreover, it soared above the 50% Fibonacci retracement level from the peak at $100,432 to the trough at $94,140 in its recovery wave.
Currently, Bitcoin’s trading price is dipping below $100,000 and also falls below its 100-hour Simple Moving Average. If it rises, it might encounter resistance close to the $98,000 mark. Notably, this level is near the 61.8% Fibonacci retracement level of the downward trend from the peak of $100,432 to the low of $94,140.
As a researcher examining the BTC/USD pair’s hourly chart, I’ve noticed an essential resistance point appears to be situated around the $98,800 level. Furthermore, there seems to be a developing bearish trend line converging at this same $98,800 mark.
Breaking through the $98,800 barrier may propel the price upwards, potentially reaching the next significant resistance at $100,000. If the price manages to close above $100,000, it could continue its upward trajectory. In this scenario, the price may ascend and challenge the $104,200 resistance. Any further increases might push the price towards the $108,000 mark.
Another Drop In BTC?
As a crypto investor, if Bitcoin doesn’t break through the $98,800 resistance barrier, it might trigger another round of price decline. The immediate line of defense on the downside seems to be around the $96,500 mark.
In simpler terms, the price’s initial strong backing can be found around $95,500. Another level of support, closer now, is situated within the $94,200 range. If the price continues to fall, it could potentially head towards the next support at $92,000 in the immediate future.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $96,500, followed by $95,500.
Major Resistance Levels – $98,000, and $98,800.
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2024-12-10 05:46