{"id":2067,"date":"2024-12-30T05:11:05","date_gmt":"2024-12-30T05:11:05","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-on-the-brink-could-a-deeper-drop-be-ahead\/"},"modified":"2024-12-30T05:11:05","modified_gmt":"2024-12-30T05:11:05","slug":"bitcoin-price-on-the-brink-could-a-deeper-drop-be-ahead","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-on-the-brink-could-a-deeper-drop-be-ahead\/","title":{"rendered":"Bitcoin Price on the Brink: Could a Deeper Drop Be Ahead?"},"content":{"rendered":"<p><em>Bitcoin price failed to surpass $95,500 and declined again. BTC is back below $94,500 and might revisit the $91,200 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline from the $96,500 zone.<\/li>\n<li>The price is trading below $95,500 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance at $94,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start another increase if it stays above the $92,500 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Dips Again<\/h2>\n<p>Bitcoin price started a decent upward move above the $93,500 resistance zone. BTC was able to climb above the $94,200 and $94,500 resistance levels.<\/p>\n<p>The pair cleared the $95,000 resistance level but upsides were limited. The price started another decline and traded below the $93,500 level. A low was formed at $92,950 and the price is now consolidating losses. There is a connecting bearish trend line forming with resistance at $94,000 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The trend line is close to the 23.6% Fib retracement level of the recent decline from the $97,308 swing high to the $92,950 low. Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average.<\/p>\n<p>On the upside, immediate resistance is near the $94,000 level. The first key resistance is near the $95,000 level or the 50% Fib retracement level of the recent decline from the $97,308 swing high to the $92,950 low. A clear move above the $95,000 resistance might send the price higher.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"size-full wp-image-668032\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/12\/Bitcoin_c7e559.png?resize=1024%2C449\" alt=\"Bitcoin Price \" width=\"1024\" height=\"449\" loading=\"lazy\" \/><\/p>\n<p>The next key resistance could be $95,500. A close above the $95,500 resistance might send the price further higher. In the stated case, the price could rise and test the $96,500 resistance level. Any more gains might send the price toward the $98,000 level.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $94,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $93,500 level.<\/p>\n<p>The first major support is near the $92,800 level. The next support is now near the $92,500 zone. Any more losses might send the price toward the $91,200 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 $93,500, followed by $92,500.<\/p>\n<p>Major Resistance Levels \u2013 $94,500 and $95,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to surpass $95,500 and declined again. BTC is back below $94,500 and might revisit the $91,200 support zone. Bitcoin started a fresh decline from the $96,500 zone. The price is trading below $95,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $94,000&hellip;<\/p>\n","protected":false},"author":1,"featured_media":2068,"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-2067","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\/2067","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=2067"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/2067\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/2068"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=2067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=2067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=2067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}