NewsBTC
Dec 30, 2024
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Bitcoin Price Declines Below $94,500 with Key Support at $91,200

Bitcoin price failed to surpass $95,500 and has declined again. BTC is back below $94,500 and may revisit the $91,200 support zone.

  • Bitcoin started a decline from the $96,500 zone.
  • The price is trading below $95,500 and the 100 hourly Simple Moving Average.
  • A bearish trend line is forming with resistance at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could see an increase if it remains above the $92,500 support zone.

Bitcoin Price Dips Again

Bitcoin price began an upward move above the $93,500 resistance zone, climbing above $94,200 and $94,500.

The price cleared the $95,000 resistance but faced limitations, subsequently declining below the $93,500 level. A low was formed at $92,950, and the price is currently consolidating losses. The bearish trend line near $94,000 aligns with the 23.6% Fibonacci retracement level from the recent decline between the $97,308 swing high and the $92,950 low. Bitcoin is now trading below $95,000 and the 100 hourly Simple Moving Average.

Immediate resistance is near $94,000, with key resistance at $95,000 or the 50% Fibonacci retracement level of the recent decline. A clear move above $95,000 may lead to higher prices.

Bitcoin Price

The next significant resistance could be at $95,500. A close above this level might push the price further up, potentially testing the $96,500 resistance. Further gains could drive the price toward $98,000.

More Losses In BTC?

If Bitcoin does not rise above the $94,500 resistance zone, it may continue to decline. Immediate support is near the $93,500 level.

The first major support is around $92,800, followed by the $92,500 zone. Additional losses could lead the price toward the $91,200 support in the near term.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bearish zone.

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

Major Support Levels – $93,500, followed by $92,500.

Major Resistance Levels – $94,500 and $95,500.