🕒 Current price and market overview (as of 19:55 UTC, December 20, 2024)
$BTC • Current price: $96,442.55 USDT
• 24H Change: -3.75% (-$3,761.46 USDT)
• Day range: $96,251.32 - $102,800.11 USDT
• Volume: 44.49K BTC
📈 30-minute time frame analysis
Support and resistance levels
• Current support: $96,000 USDT (tested as a psychological round number and intraday level)
• Key Support: $94,000 USDT (previous major swing low, buyers can step in here)
• Resistance 1: $100,000 USDT (strong psychological resistance, previously rejected)
• Resistance 2: $102,800 USDT (intraday high and a key resistance to watch for potential breakout)
Technical indicators (summary)
Oscillators: Bearish momentum detected (indicating downward pressure)
• Moving Averages: The price is below the major short-term moving averages, indicating bearish momentum.
Volume: High selling pressure (44.49K BTC traded volume) suggests significant liquidation pressure
📉 Market Analysis: Why is BTC/USDT dumping?
1. Heavy liquids:
Reports show that liquidations in the crypto market have exceeded $1 billion.
• The market saw the liquidation of highly leveraged positions, leading to forced selling pressure.
2. Resistance response:
• Bitcoin attempted to break the $100K resistance but failed. This rejection led to a cascading sell-off as long positions were closed.
• Traders interpreted the failure as a sign of short-term bearish sentiment.
3. Completion of Elite View:
• According to analysts, Bitcoin may have completed a 5-wave impulsive structure, which will result in the start of an ABC corrective pattern.
• This correction phase could extend to the $90,000 to $94,000 range before stabilizing.
4. Market sentiment:
• Fear has increased as short-term traders exit positions.
• Sentiment has quickly shifted to neutral/bearish, especially after BTC failed to hold $100K.
5. Impact on the broader crypto market:
• Bitcoin's decline often affects the broader crypto market, causing a domino effect of liquidity in altcoins.
• Correlation effects are also pushing down altcoins like ETH and others.
6. Possible wheel manipulation:
• Some market observers suspect that whales are manipulating the market to accumulate BTC at low prices ahead of the next phase.
• Large trades and sell orders placed around key resistance zones (such as $100K) can be a strategic move.
💡 What to watch next?
• Watch $96K support: If BTC breaks this level, expect a potential drop to $94K or even lower.
• Look for volume spikes: If buying volume increases at a support level, a potential bounce may be imminent.
• Watch for a breakout above $100K: If BTC regains this level, the bullish momentum could resume.
• Market-wide liquidation events: Be alert to liquidation cascades, as they often move 3-5% downward$ETH
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