Bitcoin, that capricious sovereign of the digital realm, finds itself once again grappling with the formidable resistance of the $100,000 mark. Alas, the noble BTC is descending once more, perhaps towards the sanctuary of the $95,000 support.
- From the lofty heights of $98,500, Bitcoin has embarked on a fresh decline, a journey that seems to mock the hopes of its ardent supporters.
- The price, like a weary traveler, finds itself below $97,000 and the 100 hourly Simple Moving Average, a sign that the road ahead is fraught with challenges.
- A major bullish trend line, with support at $97,500, has been broken on the hourly chart of the BTC/USD pair (data feed from Kraken), a harbinger of further trials.
- Yet, should the price find the strength to remain above the $96,000 zone, a glimmer of hope may yet appear, and a new ascent might commence.
Bitcoin, ever the enigma, has maintained a presence above the $95,000 support level. It attempted a valiant climb above $97,000, but the formidable $98,800 resistance proved too much. A high of $98,826 was reached, but the price has since retreated, dipping below the $97,000 and $96,500 support levels. The price has also fallen below the 50% Fib retracement level of the upward move from the $95,352 swing low to the $98,826 high.
Moreover, a major bullish trend line with support at $97,500 on the hourly chart of the BTC/USD pair has been breached. Bitcoin now trades below $96,500 and the 100 hourly Simple Moving Average.
On the upside, immediate resistance is near the $96,800 level. The first key resistance is near the $97,000 level, and the next key resistance could be $98,000. A close above the $98,000 resistance might send the price higher, perhaps even to the $98,800 resistance level. Any further gains might propel the price toward the $100,000 level or even the lofty $100,500.
More Losses In BTC?
If Bitcoin fails to rise above the $97,000 resistance zone, it may embark on a fresh decline. Immediate support on the downside is near the $96,150 level or the 76.4% Fib retracement level of the upward move from the $95,352 swing low to the $98,826 high. The first major support is near the $95,500 level.
The next support is now near the $95,000 zone. Any further losses might send the price toward the $93,500 support in the near term. The main support sits at $92,200.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone, a sign that the bears are in control.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level, indicating that the market is leaning towards oversold territory.
Major Support Levels – $96,000, followed by $95,000.
Major Resistance Levels – $97,000 and $98,000.
Read More
- Connections Help, Hints & Clues for Today, March 1
- Shiba Inu Sees Bullish Reversal In On-Chain Metrics, Can SHIB Price Recover?
- The games you need to play to prepare for Elden Ring: Nightreign
- The Babadook Theatrical Rerelease Date Set in New Trailer
- What Is Dunkin Donuts Halloween Munchkins Bucket?
- Shruti Haasan is off from Instagram for THIS reason; drops a comeback message on Twitter
- Sitara Ghattamaneni: The 12-Year-Old Fashionista Taking the Spotlight by Storm!
- Chiranjeevi joins Prime Minister Narendra Modi for Pongal celebrations in Delhi; see PICS
- When To Expect Blue Lock Chapter 287 Spoilers & Manga Leaks
- BUZZ: Rajinikanth starrer Jailer 2 directed by Nelson Dilipkumar likely to go on floors from March 2025
2025-02-17 06:06