The post Bitcoin Crashes Above $90,000, But Faces Further Declines appeared on BitcoinEthereumNews.com.

Dec 24, 2024 at 10:42 // Price Bitcoin (BTC) price has been stagnant since peaking at $108,000. Cryptocurrency price analysis brought by Coinidol.com. Bitcoin price long term forecast: bearish On December 20, the negative trend fell below the moving average lines and was halted by the 50-day SMA. The bulls bought the dips, but their upside momentum was halted by the 21-day SMA, which was between the moving average lines. The negative momentum came to a halt at the 50-day SMA or support at $92,000. Bitcoin is currently confined to the moving average lines. Should the bears break the 50-day SMA support, Bitcoin would drop to a low of $88,000. On the other hand, if the 50-day SMA support holds, Bitcoin will trade above and below the 21-day SMA resistance. In other words, Bitcoin will trade above the $92,000 support but below the $100,000 resistance. At the time of writing, the value of Bitcoin is $93,319. Bitcoin indicator display Bitcoin is trapped between two moving average lines. The largest cryptocurrency will perform when either the 50-day SMA support or the 21-day SMA resistance is broken. For example, if the bears break the 50-day SMA support, the selling pressure will increase again. Bitcoin will resume its positive trend if the buyers keep the price above the 21-day SMA resistance. Technical indicators:   Key resistance levels – $90,000 and $110,000 Key support levels – $70,000 and $50,000 Which cryptocurrency leg for BTC/USD? The 4-hour chart shows that Bitcoin is trading in a narrow range above the $92,000 support but below the 21-day SMA. The bears have tested the $92,000 level twice as Bitcoin continues its downtrend. The current support level of $92,000 has not been breached since November 26. The uptrend will continue if the existing support holds. Disclaimer. This analysis and forecast are the…

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Filed under: News - @ December 24, 2024 2:23 pm