Aayush Jindal
Key Highlights
- Bitcoin price found support at $90,000 and started a recovery wave.
- BTC cleared a declining channel with resistance at $94,800 on the 4-hour chart.
- Ethereum price is struggling to stay above the $3,000 support zone.
- Gold might continue to rise toward the $2,720 zone.
Bitcoin Price Technical Analysis
Bitcoin price found support and started a fresh recovery above $92,000. BTC/USD climbed above the $92,500 and $93,500 levels to move into a short-term bullish zone.
Looking at the 4-hour chart, the price cleared a declining channel with resistance at $94,800. There was a move above the 50% Fib retracement level of the downward move from the $102,718 swing high to the $89,108 low.
BTC even cleared the 100 simple moving average (red, 4-hour) and tested the 200 simple moving average (green, 4-hour). It faced hurdles near the $97,500 level.
The 61.8% Fib retracement level of the downward move from the $102,718 swing high to the $89,108 low acted as a resistance. On the upside, the price could face resistance near the $97,500 level. The next key resistance is $100,000.
A successful close above $100,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $102,500 level.
Immediate support is near the $95,850 level. The next key support sits at $94,300. A downside break below $94,300 might send Bitcoin toward the $92,500 support. Any more losses might send the price toward the $90,000 support zone.
Looking at Ethereum, the bulls protected the $3,000 support zone and the price is now attempting a recovery wave above $3,120.
Today’s Economic Releases
- US Initial Jobless Claims - Forecast 210K, versus 201K previous.
- US Retail Sales for Dec 2024 (MoM) – Forecast +0.6%, versus +0.7% previous.
