Bitcoin Price Correction: Navigating the $100,000 Hurdle

Bitcoin’s recent surge towards the coveted $100,000 mark has encountered a temporary setback, leaving investors wondering about the next move. After a valiant attempt to breach the $102,500 resistance level, BTC experienced a pullback, currently trading below the key psychological $100,000 support. This correction presents both challenges and opportunities for traders.

The hourly chart reveals a break below a crucial connecting bullish trend line, previously holding support around $98,500. This bearish signal, coupled with a dip below the 100 hourly Simple Moving Average, indicates a shift in momentum. The price briefly traded below $96,500 before finding some support, currently consolidating near the 23.6% Fibonacci retracement level of the recent decline from the $102,759 high to the $96,100 low.

Immediate Support and Resistance Levels:

• Support: $96,500, $95,550, $93,500
• Resistance: $97,500, $98,500, $99,500 (50% Fibonacci retracement), $102,500

Technical Indicators:

• MACD (Hourly): Shows bearish momentum.
• RSI (Hourly): Currently below 50, suggesting oversold conditions, but further declines are possible.

What’s Next for Bitcoin?

The short-term outlook depends heavily on whether Bitcoin can reclaim the $97,500 resistance. A successful break above this level could ignite another upward push, potentially targeting $98,500, $99,500, and beyond. However, failure to overcome this resistance could trigger a further decline, potentially testing the $96,500 and $95,500 support levels. A break below $95,500 could intensify selling pressure, possibly leading to a retest of the $93,500 support area. Close monitoring of these key levels and technical indicators will be crucial for navigating this period of price volatility.

Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies involves significant risk, and you could lose all of your capital.