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Bitcoin Price Dips Again: Is The Momentum Shifting?

December 10, 2024Updated:December 10, 2024No Comments3 Mins Read
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Bitcoin Price Dips Again: Is The Momentum Shifting?
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Bitcoin value began one other decline and traded beneath the $98,000 help. BTC dipped towards the $95,000 degree and is at present correcting losses.

  • Bitcoin began a contemporary decline beneath the $98,000 help zone.
  • The worth is buying and selling beneath $98,000 and the 100 hourly Easy transferring common.
  • There’s a connecting bearish development line forming with resistance at $98,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might regain momentum if it closes above the $98,800 resistance zone.

Bitcoin Value Takes Hit

Bitcoin value failed to realize tempo above the $100,000 degree. BTC began one other draw back correction and traded beneath the $98,000 degree. There was a transfer beneath the $96,500 help.

The worth even spiked beneath $95,000. A low was fashioned at $94,140 and the worth began a restoration wave. There was a transfer above the $96,500 degree. The worth climbed above the 50% Fib retracement degree of the downward wave from the $100,432 swing excessive to the $94,140 low.

Bitcoin value is now buying and selling beneath $100,000 and the 100 hourly Easy transferring common. On the upside, the worth might face resistance close to the $98,000 degree. It’s near the 61.8% Fib retracement degree of the downward wave from the $100,432 swing excessive to the $94,140 low.

The primary key resistance is close to the $98,800 degree. There may be additionally a connecting bearish development line forming with resistance at $98,800 on the hourly chart of the BTC/USD pair.

Bitcoin Price Dips Again: Is The Momentum Shifting?
Supply: BTCUSD on TradingView.com

A transparent transfer above the $98,800 resistance would possibly ship the worth increased. The following key resistance may very well be $100,000. A detailed above the $100,000 resistance would possibly ship the worth additional increased. Within the acknowledged case, the worth might rise and take a look at the $104,200 resistance degree. Any extra good points would possibly ship the worth towards the $108,000 degree.

One other Drop In BTC?

If Bitcoin fails to rise above the $98,800 resistance zone, it might begin one other draw back correction. Quick help on the draw back is close to the $96,500 degree.

The primary main help is close to the $95,500 degree. The following help is now close to the $94,200 zone. Any extra losses would possibly ship the worth towards the $92,000 help within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 degree.

Main Help Ranges – $96,500, adopted by $95,500.

Main Resistance Ranges – $98,000, and $98,800.



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