{"id":1965,"date":"2024-12-24T05:11:06","date_gmt":"2024-12-24T05:11:06","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-on-thin-ice-could-a-major-drop-be-next\/"},"modified":"2024-12-24T05:11:06","modified_gmt":"2024-12-24T05:11:06","slug":"bitcoin-price-on-thin-ice-could-a-major-drop-be-next","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-on-thin-ice-could-a-major-drop-be-next\/","title":{"rendered":"Bitcoin Price on Thin Ice: Could a Major Drop Be Next?"},"content":{"rendered":"<p><em>Bitcoin price extended losses and traded below the $95,000 zone. BTC is showing bearish signs and might decline heavily below the $92,000 level.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline below the $95,000 zone.<\/li>\n<li>The price is trading below $94,000 and the 100 hourly Simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance at $95,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a fresh increase if it stays above the $92,000 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Revisits Support<\/h2>\n<p>Bitcoin price failed to start another increase and extended losses below the $98,000 zone. BTC gained bearish momentum below the $96,500 and $95,500 levels.<\/p>\n<p>The price even spiked below $92,500. A low was formed at $92,417 and the price is now consolidating losses. There was a minor increase above the $94,000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $99,575 swing high to the $92,417 low.<\/p>\n<p>Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance at $95,000 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>On the upside, immediate resistance is near the $95,000 level. The first key resistance is near the $96,000 level or the 50% Fib retracement level of the downward move from the $99,575 swing high to the $92,417 low. A clear move above the $96,000 resistance might send the price higher.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"size-full wp-image-666636\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/12\/Bitcoin_230974.png?resize=1024%2C478\" alt=\"Bitcoin Price\" width=\"1024\" height=\"478\" \/><\/p>\n<p>The next key resistance could be $96,800. A close above the $96,800 resistance might send the price further higher. In the stated case, the price could rise and test the $97,500 resistance level. Any more gains might send the price toward the $98,000 level.<\/p>\n<h2>More Downsides In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $95,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $92,400 level.<\/p>\n<p>The first major support is near the $92,000 level. The next support is now near the $91,200 zone. Any more losses might send the price toward the $90,000 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $92,500, followed by $91,200.<\/p>\n<p>Major Resistance Levels \u2013 $95,000 and $96,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended losses and traded below the $95,000 zone. BTC is showing bearish signs and might decline heavily below the $92,000 level. Bitcoin started a fresh decline below the $95,000 zone. The price is trading below $94,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145],"tags":[65,108,73,70,71,146],"class_list":["post-1965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=1965"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/1966"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=1965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=1965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=1965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}