๐ฅ๐ฅ๐ฅ๐๐ข๐ญ๐๐จ๐ข๐ง ๐๐ซ๐ข๐๐ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค: ๐๐ฌ ๐ ๐๐๐๐จ๐ฏ๐๐ซ๐ฒ ๐ข๐ง ๐๐ข๐ ๐ก๐ญ ๐จ๐ซ ๐๐ข๐ฅ๐ฅ ๐ญ๐ก๐ ๐๐๐๐ฅ๐ข๐ง๐ ๐๐๐ซ๐ฌ๐ข๐ฌ๐ญ?๐ฅ๐ฅ
Bitcoin recently reached a critical 38.2% Fibonacci retracement level of $92,493, marking a 9.47% drop since Tuesday. This level is calculated from the price range between $66,835 on November 4 and $108,353 on December 17. As of Friday, BTC is trading around $94,700, showing signs of a slight recovery after the recent pullback. However, this may be temporary if the price fails to maintain upward momentum.
If Bitcoin ends the day below the $92,493 level, there is a risk of further decline toward the psychological support at $90,000. The Relative Strength Index (RSI) on the daily chart, currently at 46, is positioned below the neutral 50 mark, indicating ongoing negative pressure in the market. Additionally, the recent bearish crossover on the Moving Average Convergence Divergence (MACD) is signaling a possible continuation of the downtrend, further suggesting weakness in the short term.
However, there is a potential for Bitcoin to bounce back if the price manages to break and close above $100,000. Such a move could pave the way for a retest of its all-time high of $108,353 reached on December 17, 2024. The market will be closely watching for signs of strength, and if Bitcoin overcomes the $100,000 barrier, it could signal the beginning of a strong recovery.
As traders monitor the situation, key levels to watch are $92,493 for downside risks and $100,000 for potential bullish reversal. The coming days will be crucial in determining whether Bitcoin can regain its upward momentum or if the bearish trend will continue.
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