Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Price Roars Back: Recovery After Sharp Correction

Bitcoin Price Roars Back: Recovery After Sharp Correction

NewsbtcNewsbtc2024/12/06 04:23
By:Aayush Jindal

Bitcoin price declined sharply from the $104,015 high and dipped below $95,000. BTC is now recovering losses and facing hurdles near $99,000.

  • Bitcoin started a major decline after hitting a new all-time high at $104,015.
  • The price is trading above $97,500 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could regain momentum if it closes above the key milestone level of $100,000.

Bitcoin Price Recovers Losses

Bitcoin price started another increase above the $98,500 resistance zone. BTC was able to clear the $99,500 and $100,000 resistance levels. The bulls even pumped it to a new all-time high.

A high was formed at $104,015 and the price saw a major downside correction. There was a drop below the $100,000 and $95,000 levels. The price tested the $92,000 zone. A low was formed at $91,800 and the price is now recovering losses.

There was a move above the 50% Fib retracement level of the downward move from the $104,015 swing high to the $91,800 low. Bitcoin price is now trading above $97,500 and the 100 hourly Simple moving average . There is also a key bullish trend line forming with support at $96,000 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $99,360 level or the 61.8% Fib retracement level of the downward move from the $104,015 swing high to the $91,800 low. The first key resistance is near the $100,000 level. A clear move above the $100,000 resistance might send the price higher.

Source: BTCUSD on TradingView.com

The next key resistance could be $102,000. A close above the $102,000 resistance might send the price further higher. In the stated case, the price could rise and test the $104,000 resistance level. Any more gains might send the price toward the $108,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $100,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $97,000 level.

The first major support is near the $96,000 level. The next support is now near the $95,000 zone. Any more losses might send the price toward the $92,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $97,000, followed by $96,000.

Major Resistance Levels – $100,000, and $102,000.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Crypto Trading Firm QCP Capital Says Donald Trump Could Kick Off Memecoin Altcoin Season!

QCP Capital has predicted that the memecoin TRUMP associated with US President-elect Donald Trump could act as a catalyst for altcoin season.

Bitcoinsistemi2025/01/21 07:00