CandleFocus Bitcoin Price Holds Support: Ready to Spring Back?
2024-12-11
Author: Content Editor
The price of Bitcoin has dropped below the $98,000 support zone and even went below $95,000. However, it has now formed a base above $94,200 and is consolidating losses. There is a possibility of a fresh increase above the $98,000 resistance, but the price is currently trading below $98,000 and the 100 hourly Simple Moving Average. The key resistance levels to watch are $97,500 and $98,000, while the key support levels are $96,500 and $95,000. If the price fails to rise above the resistance zone, there could be another downside correction with support at $94,250 and $92,000. The technical indicators suggest a bearish trend, with the MACD in the bearish zone and the RSI below 50.
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