Bitcoin Price Slides after Reaching New All-Time High: Is it Just a Temporary Dip before Another Rally?
Bitcoin’s value started to decline slightly after reaching a new record high. The cryptocurrency is currently hovering above $101,000 and could potentially see another uptick in price.
Bitcoin began to correct lower from the $109,000 range.
Its current price is below $104,500 and the 100-hour Simple Moving Average.
There is a downward trend forming with resistance around $104,000 on the hourly chart of BTC/USD (data from Kraken).
If Bitcoin stays above $100,000, it may experience another price increase.
Bitcoin Sees New All-Time High
Bitcoin’s value started to rise significantly above $102,000. It surpassed levels like $104,500 and $103,800.
Bulls drove the price above $107,000, setting a new all-time high at $109,112 before a slight correction occurred. The price dropped below $104,500 and $103,500, even briefly falling under $102,000.
After hitting a low of $100,114, the price is now climbing up. It reached the 23.6% Fibonacci retracement level from the recent high to low.
The current rate is still under $104,500 and the 100-hour Simple Moving Average. Resistance is anticipated around $104,000, where a bearish trend line forms on the BTC/USD chart.
The primary resistance levels to look out for are $104,500 and the 50% Fibonacci retracement level. A breakthrough above $104,500 could potentially lead to a surge towards $106,500, then to $108,000 and possibly $109,500.
Possible Decrease in Bitcoin Value
If Bitcoin struggles to exceed the $104,000 resistance, a downward correction may follow. Initial support lies near $100,500, followed by a crucial support level at $100,000.
Additional support can be found near $98,800, with the possibility of price dropping to $96,500 in the short term.
Technical indicators:
Hourly MACD – The MACD shows a slowdown in its bullish momentum.
Hourly RSI (Relative Strength Index) – BTC/USD RSI is currently below 50.
Key Support Levels – $100,500 and $100,000.
Key Resistance Levels – $104,000 and $105,500.
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Filed under: News - @ January 21, 2025 3:13 am