NewsBTC
3 December 2024
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Bitcoin Price Struggles Below $100,000 Resistance Level

Bitcoin price is attempting to reach the $100,000 level but faces challenges. BTC is consolidating and may try to increase from the $95,000 support zone.

  • Bitcoin retraced gains and retested the $95,000 zone.
  • The price is currently below $96,500 and the 100 hourly Simple Moving Average.
  • A new short-term bearish trend line is forming with resistance at $96,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it surpasses the $96,500 resistance zone.

Bitcoin Price Dips Again

Bitcoin attempted to breach the $98,000 resistance zone. However, selling pressure caused BTC to lose most of its gains, dropping below $96,500.

The price dipped to a low of $94,450 before consolidating losses. A slight recovery occurred above the $95,200 level, testing the 50% Fibonacci retracement level from the downward move between the $97,396 swing high and the $94,450 low.

Currently, Bitcoin trades below $96,500 and the 100 hourly Simple Moving Average. Resistance is expected near the $96,250 level, coinciding with a new short-term bearish trend line and the 61.8% Fibonacci retracement level from the previous downward movement. The first key resistance is around $96,800; a clear move above this level may lead to higher prices.

Bitcoin Price

The next significant resistance could be at $98,000. Closing above this level may trigger further gains, potentially testing the $98,800 resistance and approaching the $100,000 mark.

Another Decline In BTC?

If Bitcoin cannot break through the $96,250 resistance, it may begin another decline. Immediate support is near $95,000.

The first major support level is around $94,500, followed by the $93,200 zone. Additional losses could push the price toward the $91,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is losing momentum in the bullish zone.

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

Major Support Levels – $95,000, followed by $94,500.

Major Resistance Levels – $96,250 and $98,000.