Look like BTC take a heavy beating last 24 hours, it went from $108,000 to now near $97,000. Let's see what the chart say about BTC.
Here is the technical analysis of BTC/USDT
1. Price Movement and Trend
- Current price: $97,207.74 (-3.55%).
- 24-hour range: High of $102,800.11, low of $95,700.00.
- The price has dropped below the EMA (7) ($100,263.78) and EMA (25) ($98,165.10), suggesting bearish momentum in the short term.
2. Exponential Moving Averages (EMA)
- EMA (7) is above EMA (25), indicating that the short-term trend was recently bullish but is weakening as the price approaches EMA (99) ($83,138.74).
- The price currently tests EMA (25), which may act as temporary support. If it breaks below, we could see further downward movement toward EMA (99).
3. Volume Analysis
- The volume is moderate, with no significant spike indicating massive buying or selling pressure. The lack of volume during a pullback suggests potential for further downside unless buying increases.
4. Relative Strength Index (RSI)
- Current RSI (6): 33.94.
- The RSI is near the oversold zone (below 30), indicating selling pressure but also the possibility of a short-term bounce if buyers step in.
5. Candlestick Patterns
- Recent red candles show strong selling pressure, with wicks indicating attempts by bulls to defend key levels but failing to sustain upward momentum.
6. Support and Resistance Levels
- Support:
- $95,700 (recent low).
- $83,138 (EMA 99 and major support zone).
- Resistance:
- $100,000 (psychological level and EMA 7).
- $102,800 (24-hour high).
Conclusion
The current chart indicates weakening bullish momentum, with the price breaking below short-term moving averages and RSI nearing oversold levels. The failure to hold $100,000 could signal that the bull run is under threat unless there’s a strong rebound supported by higher volume.
Will BTC go back to $100,000?
If the price holds above $95,700 and bounces back with increasing volume, a retest of $100,000 is possible in the near term. However, failure to maintain this level and a further drop toward EMA (99) at $83,138 could signal the end of the current bull run, at least temporarily. A decisive move above $100,000 is required to confirm renewed bullish momentum.
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Over? Nah. It hasn't even really begun yet. It will keep bouncing sideways until it corrects to the 80k level, then after Trump takes office it will take off again.
Maybe :)
I'm expecting BTC to make new highs after the returning Prez takes office.