đ»đ»đ» #bitcoin Takes a Hit: Are #bears Here to Stay?
Bitcoin Faces Challenges Below $100,000: Key Levels to Watch
- Bitcoinâs price struggles to sustain upward momentum, currently trading at $95,846 after failing to break the $100,000 barrier. The cryptocurrency now risks revisiting the $93,200 support zone if bearish pressure persists.
Recent Price Movement
- Bitcoin reached a high of $99,400 during its recent rally but failed to surpass the critical $100,000 resistance level. A correction followed, dragging the price below the $96,500 mark and the 100-hourly SMA.
- The decline also broke a bullish trend line with support at $98,400 on the BTC/USD hourly chart (Kraken data). BTC is now consolidating near $95,846, holding above the 61.8% Fib retracement level of its upward wave from $92,415 to $99,400.
Resistance Levels
Immediate resistance: $96,400Key resistance: $97,750
- A move above $97,750 could spark a recovery, potentially lifting the price toward $99,000. Closing above this level might allow BTC to retest $100,000, with further gains extending to $102,000.
Support Levels and Risks
If Bitcoin fails to recover above $96,500, it could continue its downward trend:
- Immediate support: $95,200Major support: $95,000
- Critical support zone: $93,800, with a deeper decline possibly testing $92,500.
Technical Indicators
- MACD (Hourly): Indicating growing bearish momentum.
- RSI (Hourly): Below 50, reflecting a bearish sentiment.
Summary
Bitcoinâs current price of $95,846 puts it at a pivotal juncture. Holding above $95,000 is crucial to prevent further losses toward $93,800 and $92,500. To regain bullish momentum, BTC must clear $97,750 and aim for the $100,000 mark.
