Bitcoin Price Takes Another Hit: Bears Tighten Their Grip

Aayush Jindal

Last Updated: December 27, 2024 2:38 am

2 mins read

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Bitcoin price failed to surpass $100,000 and corrected gains. BTC is back below $96,500 and might revisit the $93,200 support zone.

Bitcoin started a fresh decline from the $99,400 zone.
The price is trading below $96,500 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support at $98,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $95,000 support zone.

Bitcoin Price Dips Again

Bitcoin price started a decent upward move above the $96,500 resistance zone. BTC was able to climb above the $97,500 and $98,000 resistance levels.

The pair cleared the $99,000 resistance level and traded close to the $100,000 resistance level. A high was formed at $99,400 and the price recently started a fresh decline. There was a move below the $96,500 support. The price dipped below the 50% Fib retracement level of the upward wave from the $92,415 swing low to the $99,400 high.

Besides, there was a break below a connecting bullish trend line with support at $98,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $96,500 and the 100 hourly Simple moving average.

The price is now holding the $95,000 zone and the 61.8% Fib retracement level of the upward wave from the $92,415 swing low to the $99,400 high. On the upside, immediate resistance is near the $96,400 level. The first key resistance is near the $97,750 level.

A clear move above the $97,750 resistance might send the price higher. The next key resistance could be $99,000. A close above the $99,000 resistance might send the price further higher. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $96,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $95,200 level.

The first major support is near the $95,000 level. The next support is now near the $93,800 zone. Any more losses might send the price toward the $92,500 support in the near 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 – $95,000, followed by $93,800.

Major Resistance Levels – $96,500 and $97,750.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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