{"id":27464,"date":"2024-12-11T02:42:33","date_gmt":"2024-12-11T02:42:33","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=27464"},"modified":"2024-12-11T02:42:33","modified_gmt":"2024-12-11T02:42:33","slug":"bitcoin-price-holds-support-ready-to-spring-back","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=27464","title":{"rendered":"Bitcoin Price Holds Support: Ready to Spring Back?"},"content":{"rendered":"

Bitcoin price remained supported above the $94,200 zone. BTC is forming a base and might start a fresh increase above the $98,000 resistance.<\/em><\/p>\n

Bitcoin started a fresh decline below the $98,000 support zone.
\nThe price is trading below $97,500 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance at $97,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could regain momentum if it closes above the $98,000 resistance zone.<\/p>\n

Bitcoin Price Stays Above Support<\/h2>\n

Bitcoin price extended losses below the $98,000 support zone<\/a>. There was a move below the $96,500 support. The price even spiked below $95,000.<\/p>\n

A low was formed at $94,314 and the price is now consolidating losses. There was a recovery wave above the $96,650 level. The price climbed above the 61.8% Fib retracement level of the downward wave from the $98,267 swing high to the $94,314 low.<\/p>\n

Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $97,500 level. It is close to the 76.4% Fib retracement level of the downward wave from the $98,267 swing high to the $94,314 low.<\/p>\n

The first key resistance is near the $98,000 level. There is also a key bearish trend line forming with resistance at $97,800 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

A clear move above the $98,000 resistance might send the price higher. The next key resistance could be $98,800. A close above the $98,800 resistance might send the price further higher. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $98,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $96,500 level.<\/p>\n

The first major support is near the $95,000 level. The next support is now near the $94,250 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 losing pace in the bearish zone.<\/p>\n

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

Major Support Levels \u2013 $96,500, followed by $95,000.<\/p>\n

Major Resistance Levels \u2013 $98,000, and $98,800.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price remained supported above the $94,200 zone. BTC is forming a base and might start a fresh increase above the $98,000 resistance. Bitcoin started a fresh decline below the $98,000 support zone. The price is trading below $97,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with […]<\/p>\n","protected":false},"author":0,"featured_media":27465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-27464","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\/27464"}],"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=27464"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/27464\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/27465"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}