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BTCUSD Bitcoin

101,425.00
416.13 (0.41%)
03:43:21 - Realtime Data
Name Symbol Market Market Cap ($) Algorithm
Bitcoin BTCUSD Crypto 2,004,364,693,691 SHA-256d
  Price Change Price Change % Current Price Bid Price Offer
  416.13 0.41% 101,425.00 101,425.00 101,425.01
High Price Low Price Open Price Prev. Close 52 Week Range
102,197.51 99,495.52 100,711.83 101,008.88 38,501.00 - 108,388.88
Exchange Last Trade Size Trade Price Currency
BSTP 03:43:17 0.000956 101,567.00 USD
Price x Volume Volume Base Symbol Related Pairs
327,407,895.67 3,247.44 BTC BTCEUR BTCGBP ETHBTC

Bitcoin Faces Key Moment: Will $93,257 Support Hold Or Break Below?

30/12/2024 11:00am

NEWSBTC


Bitcoin stands at a critical crossroads, with its price hovering near the crucial $93,257 support level. This key price point has acted as a stronghold for the cryptocurrency during its recent ascent, but now, the market is facing mounting pressure. Bearish strength is starting to gain traction, raising concerns that the $93,257 level might soon give way to further declines. The Relative Strength Index (RSI) is beginning to show signs of weakness, suggesting that momentum is shifting in favor of the bears. If Bitcoin fails to hold this support, it could trigger a wave of sell-offs, pushing the price toward lower support levels. However, if the bulls step in and defend this level, it might provide a foundation for a fresh rally and reinforce the strength of the ongoing uptrend. As Bitcoin tests this critical threshold, the next few days will be pivotal in determining its short-term trajectory. Will the bulls manage to regain control, or will the bears take charge and force a breakdown? This moment could set the tone for Bitcoin’s price action in the coming weeks, making it a crucial point to watch closely. RSI Signals Weakness: A Red Flag For Bitcoin? The Relative Strength Index is flashing a warning sign for Bitcoin as it shows signs of weakening strength. This technical indicator, which measures the strength and speed of price movements, has long been a reliable tool for predicting potential trend reversals. Currently, Bitcoin’s RSI is trending below 50%, indicating that the buying pressure is beginning to fade. Related Reading: Bitcoin Price Retests Support Line After Crash Below $95,000, Here’s The Next Target A weakening RSI suggests that Bitcoin could be losing its upward momentum, even though the price may not reflect this shift immediately. As Bitcoin approaches the $93,257 key support level, this divergence may be a precursor to a possible breakdown. If Bitcoin’s RSI continues to decline, it might signal that the market is overextended and that further downside pressure might be on the horizon. A drop below this support mark could confirm this shift in momentum, leading to a deeper pullback. What Happens If $93,257 Breaks? Potential Impact On BTC’s Price If the critical $93,257 support level breaks, it could unleash significant downward movement, potentially driving the price toward the $85,211 support zone. A breach of this level would likely trigger a wave of selling activity, pushing Bitcoin down to the $73,919 support area, which could serve as the next key point of defense. Related Reading: Bitcoin Price Enters Correction Phase On Its Path To Explode Above $110,000 However, If the bulls successfully defend the $93,257 support, Bitcoin might regain momentum and continue its upward trend, aiming for the $99,575 resistance. Furthermore, a strong break above this level could open the door to more gains, driving the price toward the next resistance at $104,268 and beyond. Featured image from Unsplash, chart from Tradingview.com

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