{"id":26192,"date":"2024-12-06T02:36:10","date_gmt":"2024-12-06T02:36:10","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=26192"},"modified":"2024-12-06T02:36:10","modified_gmt":"2024-12-06T02:36:10","slug":"bitcoin-price-roars-back-recovery-after-sharp-correction","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=26192","title":{"rendered":"Bitcoin Price Roars Back: Recovery After Sharp Correction"},"content":{"rendered":"

Bitcoin price declined sharply from the $104,015 high and dipped below $95,000. BTC is now recovering losses and facing hurdles near $99,000.<\/em><\/p>\n

Bitcoin started a major decline after hitting a new all-time high at $104,015.
\nThe price is trading above $97,500 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support at $96,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could regain momentum if it closes above the key milestone level of $100,000.<\/p>\n

Bitcoin Price Recovers Losses<\/h2>\n

Bitcoin price started another increase<\/a> above the $98,500 resistance zone. BTC was able to clear the $99,500 and $100,000 resistance levels. The bulls even pumped it to a new all-time high.<\/p>\n

A high was formed at $104,015 and the price saw a major downside correction. There was a drop below the $100,000 and $95,000 levels. The price tested the $92,000 zone. A low was formed at $91,800 and the price is now recovering losses.<\/p>\n

There was a move above the 50% Fib retracement level of the downward move from the $104,015 swing high to the $91,800 low. Bitcoin price is now trading above $97,500 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support at $96,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, the price could face resistance near the $99,360 level or the 61.8% Fib retracement level of the downward move from the $104,015 swing high to the $91,800 low. The first key resistance is near the $100,000 level. A clear move above the $100,000 resistance might send the price higher.<\/p>\n

<\/a><\/p>\n

The next key resistance could be $102,000. A close above the $102,000 resistance might send the price further higher. In the stated case, the price could rise and test the $104,000 resistance level. Any more gains might send the price toward the $108,000 level.<\/p>\n

Another Drop In BTC?<\/h2>\n

If Bitcoin fails to rise above the $100,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $97,000 level.<\/p>\n

The first major support is near the $96,000 level. The next support is now near the $95,000 zone. Any more losses might send the price toward the $92,000 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $97,000, followed by $96,000.<\/p>\n

Major Resistance Levels \u2013 $100,000, and $102,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price declined sharply from the $104,015 high and dipped below $95,000. BTC is now recovering losses and facing hurdles near $99,000. Bitcoin started a major decline after hitting a new all-time high at $104,015. The price is trading above $97,500 and the 100 hourly Simple moving average. There is a key bullish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":26193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-26192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26192"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26192"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26192\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/26193"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}