Bitcoin Price Analysis: Can the Cryptocurrency Maintain Key Support Levels?
Bitcoin is consolidating above $95,000 but may decline further unless it surpasses $98,800. Currently trading below key levels, resistance is noted at $98,000, while immediate support lies around $96,000. Failure to breach these levels could lead to additional losses for Bitcoin.
Bitcoin is currently experiencing a consolidation above the key support zone of $95,000. The cryptocurrency is encountering difficulties maintaining upward momentum and may decline further unless it successfully closes above $98,800. Following a fresh downturn, Bitcoin has settled below the $98,000 threshold, along with the 100-hourly Simple Moving Average, indicating a bearish trend.
The price action derives momentum from a previous rise that failed to exceed $100,500, leading to a decline through crucial levels including $98,500 and $96,000. Additionally, the price has dipped below the 50% Fibonacci retracement from the previous upward movement spanning $91,000 to $102,500, suggesting the potential for deeper losses ahead.
Currently, Bitcoin’s value rests below $98,000 while testing the 61.8% Fibonacci level of the aforementioned upward trajectory. In terms of resistance, immediate resistance is noted near $96,750, while the first major resistance is at $98,000. A breakout above these levels could result in stronger price movements, possibly leading towards testing $100,000.
Conversely, any failure to exceed the $98,000 resistance zone may trigger further declines. Immediate support is identified around $96,000, followed by significant support levels at $95,500 and $93,700. Should the downtrend continue, Bitcoin may approach the pivotal $91,000 support.
Technical indicators reveal that the MACD is gaining grounds in bearish territory while the RSI for the BTC/USD pair is currently below the neutral 50 level. Major support levels are noted at $96,200 and $95,500, with resistance levels at $98,000 and $100,000.
Aayush Jindal has established himself as a meticulous industry expert, bringing over 15 years of experience in Forex and cryptocurrency trading. His background in software engineering enhances his insights into market dynamics, allowing for effective strategies and analysis. In addition to his role as an analyst, he leads an IT company focused on digital transformation, merging technology with finance.
In conclusion, Bitcoin’s price is currently facing critical resistance below the $98,000 level, fueling concerns of further declines toward $91,000. The market’s behavior in the upcoming sessions will be crucial in determining whether Bitcoin can maintain its support or revert to a bearish trend. Traders are advised to monitor key levels closely, considering the impact of technical indicators on future price movements.
Original Source: www.newsbtc.com
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