Bitcoin Price Prediction: Is it in a recovery phase or will the decline continue?


Bitcoin's price hit a 38.2% Fibonacci retracement level of $92,493 on Thursday, marking a 9.47% decrease since Tuesday. The level is derived from the range of $66,835 on November 4 to $108,353 on December 17. As of this writing on Friday, BTC is trading at about $94,700, showing a modest recovery.

Bitcoin can continue its fall toward the $90,000 psychological threshold if it concludes the day below $92,493.

Below the neutral threshold of 50, the daily chart's Relative Strength Index showed 46, suggesting negative momentum. On Wednesday, we also saw a bearish crossing from the Moving Average Convergence Divergence (MACD) indicator, which is a sell signal and a downtrend indication.

On the other hand, a return to Bitcoin's all-time high of $108,353 on December 17, 2024, would be possible if the cryptocurrency bounces back and closes above the $100,000 mark.

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