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Bitcoin Price Roars Back: Recovery After Sharp Correction

Sergio Gruber by Sergio Gruber
December 5, 2024
in Crypto, News
Reading Time: 2 mins read
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Bitcoin has witnessed significant volatility recently, marked by a sharp decline after reaching an unprecedented high. The digital asset’s value plummeted from a peak of $104,015, dipping below the $95,000 threshold. Currently, Bitcoin is in the process of recovering these losses, but it is encountering resistance near the $99,000 level.

Key Developments in Bitcoin’s Price Action

  • Bitcoin initiated a substantial downturn after achieving a new all-time high of $104,015.
  • The cryptocurrency is presently trading above $97,500 and is supported by the 100 hourly Simple Moving Average.
  • A critical bullish trend line is emerging, offering support at the $96,000 mark on the hourly chart for the BTC/USD pair, as reported by Kraken’s data feed.
  • The pair has the potential to regain momentum if it manages to close above the pivotal $100,000 level.
blockdag 70m

Bitcoin Price Recovers Losses

Bitcoin’s price experienced an upswing as it surpassed the $98,500 resistance zone. This upward movement allowed BTC to clear resistance levels at $99,500 and $100,000. The bullish momentum even propelled it to establish a new historical high.

A pinnacle price of $104,015 was recorded, followed by a substantial correction downwards. The value fell below $100,000, further dipping beneath $95,000, ultimately testing the $92,000 level. A low point was reached at $91,800, setting the stage for a recovery in losses.

Subsequently, Bitcoin’s price ascended above the 50% Fibonacci retracement level, calculated from the $104,015 peak to the $91,800 low. Currently, Bitcoin is trading above $97,500 and is supported by the 100 hourly Simple Moving Average. Additionally, a significant bullish trend line is forming, providing support around $96,000 on the BTC/USD hourly chart.

On the upside, potential resistance could be encountered near $99,360, which corresponds to the 61.8% Fibonacci retracement level of the downward trajectory from $104,015 to $91,800. The primary resistance, however, is located around the $100,000 mark. A decisive breakthrough above this resistance level could propel the price higher.

The subsequent resistance level might be $102,000. Should Bitcoin manage a close above $102,000, it may continue to rise, potentially testing resistance at $104,000. Further gains could drive the price towards the $108,000 level.

Potential for Another BTC Downturn?

If Bitcoin struggles to breach the $100,000 resistance level, it may initiate another downward correction. Immediate support on the downside is positioned near the $97,000 level.

The first major support area is found around $96,000, while the next significant support zone hovers near $95,000. In the event of further losses, the price could potentially drop towards the $92,000 support in the short term.

Technical Indicators

  • Hourly MACD: The MACD is currently gaining momentum within the bullish zone.
  • Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above the 50 mark.
  • Major Support Levels: $97,000, followed by $96,000.
  • Major Resistance Levels: $100,000, and $102,000.
Tags: Bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

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