$BTC

🕒 Current Price and Market Overview (As of 19:55 UTC, Dec 20, 2024)

‱ Current Price: $96,442.55 USDT

‱ 24H Change: -3.75% (-$3,761.46 USDT)

‱ Day’s Range: $96,251.32 - $102,800.11 USDT

‱ Volume: 44.49K BTC

📈 30-Minute Time Frame Analysis

Support & Resistance Levels

‱ Current Support: $96,000 USDT (Psychological round number and tested as an intraday level)

‱ Major Support: $94,000 USDT (Previous major swing low, buyers may 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 breakouts)

Technical Indicators (Summary)

‱ Oscillators: Bearish momentum detected (indicating downward pressure)

‱ Moving Averages: Price is below major short-term moving averages, signaling bearish momentum

‱ Volume: High selling pressure (44.49K BTC traded volume) suggests significant liquidation pressure

📉 Market Analysis: Why is BTC/USDT Dumping?

1. Heavy Liquidations:

‱ Reports show that liquidations have exceeded $1 billion across the crypto market.

‱ The market saw high leverage positions getting liquidated, causing forced selling pressure.

2. Resistance Rejection:

‱ Bitcoin attempted to break the $100K resistance but failed. This rejection led to cascading sell-offs as long positions got stopped out.

‱ Traders interpreted this failure as a signal of short-term bearish sentiment.

3. Elliott Wave Completion:

‱ According to analysts, Bitcoin might have completed a 5-wave impulsive structure, leading to 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 shifted from bullish to neutral/bearish, especially after BTC failed to hold $100K.

5. Broader Crypto Market Impact:

‱ Bitcoin’s decline often impacts the wider crypto market, causing a domino effect of liquidations in altcoins.

‱ Correlation effects are pushing altcoins like ETH and others lower as well.

6. Potential Whale Manipulation:

‱ Some market observers suspect whales may be manipulating the market to accumulate BTC at lower prices before the next leg up.

‱ Large transactions and sell orders placed around key resistance zones (like $100K) could be strategic moves.

💡 What to Watch Next?

‱ Watch the $96K Support: If BTC breaks this level, expect a possible dip to $94K or even lower.

‱ Look for Volume Spikes: If buying volume increases at support levels, a potential bounce could be imminent.

‱ Watch for Breakout Above $100K: If BTC recaptures this level, bullish momentum could resume.

‱ Market-Wide Liquidation Events: Stay alert to liquidation cascades, as they often trigger sudden 3-5% downward movements.$ETH

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