{"id":29881,"date":"2024-12-20T02:48:20","date_gmt":"2024-12-20T02:48:20","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29881"},"modified":"2024-12-20T02:48:20","modified_gmt":"2024-12-20T02:48:20","slug":"bitcoin-decline-continues-are-bulls-losing-control","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29881","title":{"rendered":"Bitcoin Decline Continues: Are Bulls Losing Control?"},"content":{"rendered":"

Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone.<\/em><\/p>\n

Bitcoin started a fresh decline from the $102,000 resistance zone.
\nThe price is trading below $102,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance at $98,500 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 $95,500 support zone.<\/p>\n

Bitcoin Price Dips Further<\/h2>\n

Bitcoin price failed to start another increase and extended losses below the $102,000 zone. BTC gained bearish momentum<\/a> below the $100,000 and $98,000 levels.<\/p>\n

The price even spiked below $96,500. A low was formed at $95,586 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance at $98,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading below $102,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $98,500 level. It is close to the 23.6% Fib retracement level of the downward move from the $108,295 swing high to the $95,586 low.<\/p>\n

The first key resistance is near the $100,000 level. A clear move above the $100,000 resistance might send the price higher. The next key resistance could be $102,000. A close above the $102,000 resistance might send the price further higher.<\/p>\n

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

In the stated case, the price could rise and test the $103,400 resistance level or the 61.8% Fib retracement level of the downward move from the $108,295 swing high to the $95,586 low. Any more gains might send the price toward the $105,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $98,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $96,200 level.<\/p>\n

The first major support is near the $95,500 level. The next support is now near the $93,200 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 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 $95,500, followed by $93,200.<\/p>\n

Major Resistance Levels \u2013 $98,500 and $100,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone. The price is trading below $102,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming […]<\/p>\n","protected":false},"author":0,"featured_media":29882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29881","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\/29881"}],"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=29881"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29882"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}