(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

Bitcoin Price Recovery Under Threat: Key Obstacles Ahead

Article background

Aayush Jindal

Key Highlights

  • Bitcoin price found support at $92,500 and started a recovery wave.
  • BTC cleared a connecting bearish trend line with resistance at $95,400 on the 4-hour chart.
  • Ethereum price is facing hurdles near the $3,620 and $3,650 levels.
  • Gold might start another decline if it stays below the $2,640 zone.

Bitcoin Price Technical Analysis

Bitcoin price declined heavily below $102,000 and $100,000. BTC/USD tested the $92,500 support and is currently attempting to recover.

Looking at the 4-hour chart, the price settled below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). Recently, there was a move above the $95,000 resistance zone.

BTC cleared a connecting bearish trend line with resistance at $95,400 on the 4-hour chart. The price surpassed the 23.6% Fib retracement level of the downward move from the $108,305 swing high to the $92,241 low.

On the upside, the price could face resistance near the $98,400 level. The next key resistance is $100,000 and the 50% Fib retracement level of the downward move from the $108,305 swing high to the $92,241 low.

A successful close above $100,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $104,000 level.

Immediate support is near the $94,500 level. The next key support sits at $93,400. A downside break below $93,400 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 $3,100 support zone and the price is now attempting a recovery wave above $3,350.

Today’s Economic Releases

  • Japanese Leading Economic Index for Oct 2024 - Forecast 108.6, versus 108.6 previous.
Excellent
Trustpilot
Open a Live accountOpen a Demo account
Loading