{"id":31966,"date":"2024-12-30T02:40:37","date_gmt":"2024-12-30T02:40:37","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=31966"},"modified":"2024-12-30T02:40:37","modified_gmt":"2024-12-30T02:40:37","slug":"bitcoin-price-on-the-brink-could-a-deeper-drop-be-ahead","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=31966","title":{"rendered":"Bitcoin Price on the Brink: Could a Deeper Drop Be Ahead?"},"content":{"rendered":"

Bitcoin price failed to surpass $95,500 and declined again. BTC is back below $94,500 and might revisit the $91,200 support zone.<\/em><\/p>\n

Bitcoin started a fresh decline from the $96,500 zone.
\nThe price is trading below $95,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $94,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it stays above the $92,500 support zone.<\/p>\n

Bitcoin Price Dips Again<\/h2>\n

Bitcoin price started a decent upward move above the $93,500 resistance zone<\/a>. BTC was able to climb above the $94,200 and $94,500 resistance levels.<\/p>\n

The pair cleared the $95,000 resistance level but upsides were limited. The price started another decline and traded below the $93,500 level. A low was formed at $92,950 and the price is now consolidating losses. There is a connecting bearish trend line forming with resistance at $94,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

The trend line is close to the 23.6% Fib retracement level of the recent decline from the $97,308 swing high to the $92,950 low. Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

On the upside, immediate resistance is near the $94,000 level. The first key resistance is near the $95,000 level or the 50% Fib retracement level of the recent decline from the $97,308 swing high to the $92,950 low. A clear move above the $95,000 resistance might send the price higher.<\/p>\n

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

The next key resistance could be $95,500. A close above the $95,500 resistance might send the price further higher. In the stated case, the price could rise and test the $96,500 resistance level. Any more gains might send the price toward the $98,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $94,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $93,500 level.<\/p>\n

The first major support is near the $92,800 level. The next support is now near the $92,500 zone. Any more losses might send the price toward the $91,200 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 $93,500, followed by $92,500.<\/p>\n

Major Resistance Levels \u2013 $94,500 and $95,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price failed to surpass $95,500 and declined again. BTC is back below $94,500 and might revisit the $91,200 support zone. Bitcoin started a fresh decline from the $96,500 zone. The price is trading below $95,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $94,000 […]<\/p>\n","protected":false},"author":0,"featured_media":31967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-31966","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\/31966"}],"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=31966"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/31966\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/31967"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}