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Home»EXCHANGE NEWS»Bitcoin Price Under Pressure: Can the Downtrend Continue?
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Bitcoin Price Under Pressure: Can the Downtrend Continue?

By Crypto FlexsDecember 23, 20243 Mins Read
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Bitcoin Price Under Pressure: Can the Downtrend Continue?
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This article is also available in Spanish.

Bitcoin price extended losses and traded below $100,000. BTC is showing bearish signs and may continue to decline towards the $91,200 support area.

  • Bitcoin began a new decline above the $100,000 resistance zone.
  • The price is trading below $98,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trendline forming at resistance $95,850.
  • If it stays above the $92,000 support, it could start a new rally.

Bitcoin price falls again

Bitcoin price failed to start another rally and losses widened below $100,000. BTC gained bearish momentum below the $98,000 and $96,500 levels.

Prices soared below $92,250. A low was formed at $92,159 before a recovery wave emerged. However, bears remained active near the $100,000 level. A high was formed at $99,575 and the price began another downward trend. It was trading below the $96,500 level.

There was a clear move below the 50% Fib retracement level of the recovery wave from the $92,159 swing low to the $99,575 high. The hourly chart of the BTC/USD pair also has a major bearish trendline forming with resistance at $95,850.

Bitcoin price is currently trading below $98,000 and the 100-hour simple moving average. It is also testing the 76.4% Fib retracement level of the recovery wave from the $92,159 swing low to the $99,575 high.

Meanwhile, immediate resistance is close to the $95,000 level. The first major resistance is near the $95,850 level. A clear break above the $95,850 resistance could push the price higher. The next major resistance could be $97,800. A break above the $97,800 resistance could push the price higher.

Source: TradingView.com BTCUSD

If indicated, the price could move higher to test the $98,500 resistance level. If more profits are made, the price may rise to the $100,000 level.

Are there more downsides to BTC?

If Bitcoin fails to break above the $95,850 resistance zone, it may continue to fall. Immediate support for the downside is near the $93,800 level.

The first major support is near the $92,500 level. The next support is now near the $91,200 area. Any more losses could lead the price towards the $90,000 support in the near term.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bearish territory.

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

Key support levels – $92,500, $91,200.

Key resistance levels – $95,850 and $97,800.

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