{"id":29584,"date":"2024-12-19T02:47:24","date_gmt":"2024-12-19T02:47:24","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29584"},"modified":"2024-12-19T02:47:24","modified_gmt":"2024-12-19T02:47:24","slug":"bitcoin-slips-below-100k-is-the-rally-losing-steam","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29584","title":{"rendered":"Bitcoin Slips Below $100K: Is The Rally Losing Steam?"},"content":{"rendered":"

Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone.<\/em><\/p>\n

Bitcoin started a fresh decline from the $108,000 resistance zone.
\nThe price is trading below $104,000 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $102,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it stays above the $98,000 support zone.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price attempted more gains above the $108,000 resistance zone<\/a>. However, BTC failed to continue higher and reacted to the downside below the $105,000 level.<\/p>\n

There was a clear move below the $102,500 support level. The price even dipped below $100,000. A low was formed at $98,728 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance at $102,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading below $104,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $100,500 level. It is close to the 23.6% Fib retracement level of the downward move from the $108,297 swing high to the $98,728 low.<\/p>\n

The first key resistance is near the $101,000 level and the trend line. A clear move above the $101,000 resistance might send the price higher. The next key resistance could be $102,250. A close above the $102,250 resistance might send the price further higher.<\/p>\n

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

In the stated case, the price could rise and test the $103,500 resistance level or the 50% Fib retracement level of the downward move from the $108,297 swing high to the $98,728 low. Any more gains might send the price toward the $106,000 level.<\/p>\n

More Downsides In BTC?<\/h2>\n

If Bitcoin fails to rise above the $101,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $98,500 level.<\/p>\n

The first major support is near the $98,000 level. The next support is now near the $96,200 zone. Any more losses might send the price toward the $95,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $98,000, followed by $96,500.<\/p>\n

Major Resistance Levels \u2013 $101,000, and $102,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone. Bitcoin started a fresh decline from the $108,000 resistance zone. The price is trading below $104,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with […]<\/p>\n","protected":false},"author":0,"featured_media":29585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29584","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\/29584"}],"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=29584"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29584\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29585"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}