Bitcoin Crashes Above $90,000, But Faces Further Declines

Dec 24, 2024 at 10:42 // Price
Author
Coin Idol
Bitcoin will trade above the $92,000 support but below the $100,000 resistance

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.

BTCUSD_(Daily Chart) - DEC.23.24.jpg

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.

BTCUSD_(4-Hour Chart) -DEC.23.24.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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