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Bitcoin Price Struggles at $100K: Is The Rally Losing Steam?

December 13, 2024
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Bitcoin worth struggled to clear the $102,000 resistance zone. BTC is correcting positive aspects and would possibly take a look at the $97,500 assist zone.

Bitcoin began a draw back correction from the $102,000 zone.
The value is buying and selling above $98,000 and the 100 hourly Easy shifting common.
There was a break under a connecting bullish development line with assist at $101,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair might begin a recent enhance if it stays above the $97,500 assist zone.

Bitcoin Worth Dips Once more

Bitcoin worth fashioned a base and began a recent enhance above the $98,800 zone. There was a transfer above the $99,200 and $99,500 ranges.

The value even cleared the $100,000 stage, however the bears had been energetic close to the $102,000 zone. A excessive was fashioned at $102,500 and the worth is now consolidating positive aspects. It’s slowly shifting decrease under the 23.6% Fib retracement stage of the current wave from the $94,315 swing low to the $102,500 excessive.

There was a break under a connecting bullish development line with assist at $101,000 on the hourly chart of the BTC/USD pair. Bitcoin worth is now buying and selling above $98,000 and the 100 hourly Easy shifting common.

On the upside, the worth might face resistance close to the $100,500 stage. The primary key resistance is close to the $101,500 stage. A transparent transfer above the $101,500 resistance would possibly ship the worth larger. The following key resistance may very well be $102,000. An in depth above the $102,000 resistance would possibly ship the worth additional larger.

Within the acknowledged case, the worth might rise and take a look at the $104,000 resistance stage. Any extra positive aspects would possibly ship the worth towards the $105,000 stage.

Extra Losses In BTC?

If Bitcoin fails to rise above the $102,000 resistance zone, it might proceed to maneuver down. Fast assist on the draw back is close to the $98,400 stage or the 50% Fib retracement stage of the current wave from the $94,315 swing low to the $102,500 excessive.

The primary main assist is close to the $97,500 stage. The following assist is now close to the $96,250 zone. Any extra losses would possibly ship the worth towards the $95,000 assist within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now under the 50 stage.

Main Help Ranges – $98,400, adopted by $97,500.

Main Resistance Ranges – $102,000, and $104,000.



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Tags: 100kBitcoinlosingPricerallysteamStruggles
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