NewsBTC
19 December 2024
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Bitcoin Price Declines Below $100,000 Support Level

Bitcoin price has declined below the $105,000 zone. BTC is down nearly 5% and is attempting to close below the $100,000 support level.

  • Bitcoin started a fresh decline from the $108,000 resistance zone.
  • The price is trading below $104,000 and the 100 hourly Simple Moving Average.
  • A bearish trend line is forming with resistance at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • If it stays above the $98,000 support zone, there could be a potential increase.

Bitcoin Price Takes Hit

Bitcoin attempted gains above the $108,000 resistance zone but failed, declining below the $105,000 level.

A clear move occurred below the $102,500 support level, with a low at $98,728. The price is currently consolidating losses. A bearish trend line is present with resistance at $102,000 on the hourly chart.

Bitcoin is trading below $104,000 and the 100 hourly Simple Moving Average. Resistance may occur near the $100,500 level, close to the 23.6% Fib retracement of the downward move from the $108,297 swing high to the $98,728 low.

The initial key resistance is around $101,000. A clear move above this resistance may push the price higher, with the next resistance at $102,250. A close above $102,250 could lead to further increases.

Bitcoin Price

If the price rises, it may test the $103,500 resistance or the 50% Fib retracement level of the decline from the $108,297 swing high to the $98,728 low. Further gains might push the price toward the $106,000 level.

More Downsides In BTC?

If Bitcoin does not rise above the $101,000 resistance zone, it may continue to decline. Immediate support is near the $98,500 level.

The first major support is around $98,000, followed by $96,200. Additional losses could push the price toward the $95,500 support in the near term.

Technical indicators:

  • Hourly MACD – Gaining pace in the bearish zone.
  • Hourly RSI (Relative Strength Index) – Below the 50 level.

Major Support Levels – $98,000, followed by $96,500.

Major Resistance Levels – $101,000, and $102,000.