Bitcoin Price Struggles at $100K: Is The Rally Losing Steam?

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As a seasoned researcher with years of experience analyzing cryptocurrency markets, I can confidently say that the recent dip in Bitcoin price is not surprising. The struggle to clear the $102,000 resistance zone is a common occurrence in the volatile world of Bitcoin trading.

The price of Bitcoin found it difficult to surpass the barrier at $102,000. Currently, Bitcoin appears to be experiencing a correction and may retest the support level around $97,500.

  • Bitcoin started a downside correction from the $102,000 zone.
  • The price is trading above $98,000 and the 100 hourly Simple moving average.
  • There was a break below a connecting bullish trend line with support at $101,000 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 $97,500 support zone.

Bitcoin Price Dips Again

The cost of Bitcoin established a foundation and commenced an upward surge that surpassed the $98,800 level. It further advanced beyond the $99,200 and $99,500 milestones.

As a researcher, I observed that the price surpassed the $100,000 mark but encountered resistance near the $102,000 region, where bears seemed to be actively present. A peak was established at $102,500, and currently, the price is in a consolidation phase. Gradually, it’s moving downward and has slipped below the 23.6% Fibonacci retracement level of the recent upward trend from the $94,315 swing low to the $102,500 high.

On the hourly Bitcoin-to-USD chart, a downward break occurred beneath a bullish trendline that previously offered support at $101,000. Currently, the price of Bitcoin is trading above $98,000 and also higher than the 100-hour Simple Moving Average.

Positively speaking, the cost may encounter a barrier around the $100,500 mark. The primary obstacle is approximately at the $101,500 level. If the price manages to surpass the $101,500 hurdle, it could potentially rise further. The next significant hurdle could be around the $102,000 mark. Overcoming the $102,000 barrier might push the cost even higher.

In this scenario, there’s a possibility that the price may increase and challenge the $104,000 barrier. If it continues to rise further, it could potentially push the price up towards $105,000.

More Losses In BTC?

If Bitcoin doesn’t manage to break through the $102,000 barrier, it might keep dropping instead. The nearest support lies around the $98,400 mark or at the 50% Fibonacci retracement point of the recent price action, which spans from the $94,315 low to the $102,500 high.

In simpler terms, the first significant resistance lies around $97,500. The following resistance is currently at the $96,250 area. If the price continues to fall, it may approach the $95,000 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 – $98,400, followed by $97,500.

Major Resistance Levels – $102,000, and $104,000.

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2024-12-13 05:46