Ah, Bitcoin, our beloved digital wild child! The price, once again, takes a plunge, leaving us all in a state of suspense. The latest dive finds our cryptocurrency darling struggling to hold onto the $96,500 support zone.
- Bitcoin’s price has taken a tumble, falling below the $100,000 mark.
- Currently, it’s found itself below $99,500 and the 100 hourly Simple Moving Average.
- A new bearish trend line is emerging on the hourly chart of the BTC/USD pair, with resistance at $99,000.
- Will Bitcoin bounce back, or is this just the beginning of more losses? Only time will tell.
The Digital Gold Rush: Bitcoin Dips Below $100,000
Alas, our dear Bitcoin couldn’t maintain its momentum above $102,500. The price has taken a fresh dive, breaking below the $100,000 threshold. The bears have taken control, pushing the price below $98,500 and $97,500 levels.
The bears have driven the price below the 50% Fib Retracement level of the upward move from the $91,000 swing low to the $102,500 high. The price has even tested the $96,500 support zone and is currently consolidating losses. A new bearish trend line is also emerging on the hourly chart of the BTC/USD pair, with resistance at $99,000.
Bitcoin is now trading below $98,000 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is near the $98,000 level. The first key resistance is near the $99,000 level.
If Bitcoin can surpass the $100,000 resistance, it might continue its upward trajectory. In this scenario, the price could rise and test the $102,500 resistance level. But, alas, the future remains uncertain.
Bitcoin: To Infinity and Beyond? Or Back to Reality?
If Bitcoin fails to rise above the $99,000 resistance zone, it may experience another decline. Initial support on the downside is near the $96,500 level. The first major support is near the $95,500 level or the 61.8% Fib retracement level of the upward move from the $91,000 swing low to the $102,500 high.
The next support is now near the $93,750 zone. If the price continues to fall, it might revisit the $95,500 support in the near future.
Indicators:
Hourly MACD – The MACD is losing steam in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $96,500, $95,500.
Major Resistance Levels – $99,000, $100,000.
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2025-02-05 05:48