NewsBTC
6 December 2024
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Bitcoin Price Recovers After Dropping Below $95,000

Bitcoin price declined sharply from a high of $104,015, dipping below $95,000 but is now recovering and facing resistance near $99,000.

  • Bitcoin experienced a significant decline after reaching an all-time high at $104,015.
  • The current trading price is above $97,500 and the 100-hourly Simple Moving Average.
  • A key bullish trend line is forming with support at $96,000 on the hourly BTC/USD chart (data feed from Kraken).
  • The pair may regain momentum if it closes above the $100,000 level.

Bitcoin Price Recovery

Bitcoin initiated another increase above the $98,500 resistance zone, clearing the $99,500 and $100,000 levels. A peak was reached at $104,015 before a major correction occurred, dropping the price below both $100,000 and $95,000, testing the $92,000 zone. A low of $91,800 was recorded, followed by a recovery.

The price moved above the 50% Fibonacci retracement level of the decline from $104,015 to $91,800. Bitcoin is currently trading above $97,500 and the 100-hourly Simple Moving Average. The bullish trend line provides support at $96,000.

Resistance is anticipated near $99,360 or the 61.8% Fibonacci retracement level of the drop from $104,015 to $91,800. The primary resistance is around $100,000; a successful break above this level could propel the price higher.

Bitcoin Price

The next significant resistance may be at $102,000. A close above this level could lead to further gains, potentially testing the $104,000 resistance. Additional increases may push the price toward $108,000.

Potential for Another Drop in BTC

If Bitcoin does not surpass the $100,000 resistance, another downside correction may occur. Immediate support is near $97,000.

The first major support level is around $96,000, followed by $95,000. Further losses could drive the price down to the $92,000 support level.

Technical indicators:

  • Hourly MACD: Gaining momentum in the bullish zone.
  • Hourly RSI: Above the 50 level for BTC/USD.
  • Major Support Levels: $97,000 and $96,000.
  • Major Resistance Levels: $100,000 and $102,000.