#BitwiseBitcoinETF

Technical analysis of Bitcoin: bears strengthen their grip for a short time!

Bitcoin, trading at $94,500 on the evening of December 27 with a market capitalization of $1.87 trillion, showed fluctuations during the day from $93,368 to $97,133.

On the hourly chart, Bitcoin sharply fell from a recent peak of around $98,000, and large sell-offs pushed it to the support level of $93,000.

Resistance levels are at $95,000 and $96,500, while the Relative Strength Index (RSI) at 44 and the stochastic at 26 keep the situation at a moderate level. The 10-period Exponential Moving Average (EMA) at $97,282 reflects bearish sentiment.

Hourly chart BTC/USD December 27, 2024.

Since reaching $99,881 on the four-hour chart, Bitcoin has been drawing a picture of lower highs and lows, hinting at bearish sentiment. Support zones are found at levels of $93,500 and $92,500, with resistance hovering around $96,000 and $98,000.

Indicators such as the momentum oscillator at -12,125 and the MACD level at 233 are waving red flags, advising medium-term traders to act cautiously until prices stabilize.