{"id":39529,"date":"2025-01-28T02:46:37","date_gmt":"2025-01-28T02:46:37","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=39529"},"modified":"2025-01-28T02:46:37","modified_gmt":"2025-01-28T02:46:37","slug":"bitcoin-price-bounce-back-might-be-short-lived-heres-why","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=39529","title":{"rendered":"Bitcoin Price Bounce Back Might Be Short-Lived: Here\u2019s Why"},"content":{"rendered":"

Bitcoin price extended losses and tested the $97,650 zone. BTC is now correcting losses and might face hurdles near the $103,000 level.<\/em><\/p>\n

Bitcoin started a downside correction below the $103,000 zone.
\nThe price is trading below $103,200 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $103,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another decline if it stays below the $103,500 zone.<\/p>\n

Bitcoin Price Dips Further<\/h2>\n

Bitcoin price started a fresh decline<\/a> below the $105,000 and $103,500 levels. BTC even dipped below the $100,00 level before the bulls appeared. A low was formed at $97,688 and the price is now correcting losses.<\/p>\n

There was a move above the $99,500 and $100,000 levels. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $107,080 swing high to the $97,688 low. However, the bears are active near the $102,000 zone.<\/p>\n

Bitcoin price is now trading below $103,200 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $102,350 level or the 50% Fib retracement level of the downward move from the $107,080 swing high to the $97,688 low.<\/p>\n

The first key resistance is near the $103,000 level. There is also a connecting bearish trend line forming with resistance at $103,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

The next key resistance could be $104,200. A close above the $104,200 resistance might send the price further higher. In the stated case, the price could rise and test the $105,500 resistance level. Any more gains might send the price toward the $107,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $103,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.<\/p>\n

The next support is now near the $88,500 zone. Any more losses might send the price toward the $86,500 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $100,500, followed by $100,000.<\/p>\n

Major Resistance Levels \u2013 $102,200 and $103,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price extended losses and tested the $97,650 zone. BTC is now correcting losses and might face hurdles near the $103,000 level. Bitcoin started a downside correction below the $103,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at […]<\/p>\n","protected":false},"author":0,"featured_media":39530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-39529","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\/39529"}],"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=39529"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/39529\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/39530"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}