Bitcoin Price Roars Back: Recovery After Sharp Correction

2024-12-6 05:36

Bitcoin price declined sharply from the $104,015 high and dipped below $95,000. BTC is now recovering losses and facing hurdles near $99,000.

Bitcoin started a major decline after hitting a new all-time high at $104,015. The price is trading above $97,500 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could regain momentum if it closes above the key milestone level of $100,000. Bitcoin Price Recovers Losses

Bitcoin price started another increase above the $98,500 resistance zone. BTC was able to clear the $99,500 and $100,000 resistance levels. The bulls even pumped it to a new all-time high.

A high was formed at $104,015 and the price saw a major downside correction. There was a drop below the $100,000 and $95,000 levels. The price tested the $92,000 zone. A low was formed at $91,800 and the price is now recovering losses.

There was a move above the 50% Fib retracement level of the downward move from the $104,015 swing high to the $91,800 low. Bitcoin price is now trading above $97,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $96,000 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $99,360 level or the 61.8% Fib retracement level of the downward move from the $104,015 swing high to the $91,800 low. The first key resistance is near the $100,000 level. A clear move above the $100,000 resistance might send the price higher.

The next key resistance could be $102,000. A close above the $102,000 resistance might send the price further higher. In the stated case, the price could rise and test the $104,000 resistance level. Any more gains might send the price toward the $108,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $100,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $97,000 level.

The first major support is near the $96,000 level. The next support is now near the $95,000 zone. Any more losses might send the price toward the $92,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $97,000, followed by $96,000.

Major Resistance Levels – $100,000, and $102,000.

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Bitcoin (BTC) на Currencies.ru

$ 116785.71 (+0.31%)
Объем 24H $103.784b
Изменеия 24h: -2.02 %, 7d: -0.95 %
Cегодня L: $114983.58 - H: $118796.5
Капитализация $2323.727b Rank 1
Цена в час новости $ 97305.91 (20.02%)

bitcoin high 015 104 price recovering hurdles

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2024-3-6 12:34