{"id":30493,"date":"2024-12-23T02:50:35","date_gmt":"2024-12-23T02:50:35","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=30493"},"modified":"2024-12-23T02:50:35","modified_gmt":"2024-12-23T02:50:35","slug":"bitcoin-price-under-pressure-could-the-slide-continue","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=30493","title":{"rendered":"Bitcoin Price Under Pressure: Could The Slide Continue?"},"content":{"rendered":"

Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone.<\/em><\/p>\n

Bitcoin started a fresh decline from the $100,000 resistance zone.
\nThe price is trading below $98,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance at $95,850 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 $92,000 support zone.<\/p>\n

Bitcoin Price Dips Again<\/h2>\n

Bitcoin price failed to start another increase and extended losses<\/a> below the $100,000 zone. BTC gained bearish momentum below the $98,000 and $96,500 levels.<\/p>\n

The price even spiked below $92,250. A low was formed at $92,159 before there was a recovery wave. However, the bears were active near the $100,000 level. A high was formed at $99,575 and the price started another decline. It traded below the $96,500 level.<\/p>\n

There was a clear move below the 50% Fib retracement level of the recovery wave from the $92,159 swing low to the $99,575 high. There is also a key bearish trend line forming with resistance at $95,850 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average<\/a>. It is also testing the 76.4% Fib retracement level of the recovery wave from the $92,159 swing low to the $99,575 high.<\/p>\n

On the upside, immediate resistance is near the $95,000 level. The first key resistance is near the $95,850 level. A clear move above the $95,850 resistance might send the price higher. The next key resistance could be $97,800. A close above the $97,800 resistance might send the price further higher.<\/p>\n

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

In the stated case, the price could rise and test the $98,500 resistance level. Any more gains might send the price toward the $100,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $95,850 resistance zone, it could continue to move down. Immediate support on the downside is near the $93,800 level.<\/p>\n

The first major support is near the $92,500 level. The next support is now near the $91,200 zone. Any more losses might send the price toward the $90,000 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 $92,500, followed by $91,200.<\/p>\n

Major Resistance Levels \u2013 $95,850 and $97,800.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone. Bitcoin started a fresh decline from the $100,000 resistance zone. The price is trading below $98,000 and the 100 hourly Simple moving average. There is a key bearish trend […]<\/p>\n","protected":false},"author":0,"featured_media":30494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-30493","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\/30493"}],"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=30493"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/30493\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/30494"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}