$BTC Current Price & Time Frame
Date: December 24, 2024
Current Price: $95,700 (as of 02:37 AM PST)
Support & Resistance
Immediate Support: $94,000 - This is where the price has found a floor recently, with buying interest noted.
Near Support: $92,500 - A confluence of technical levels and volume nodes from previous trading sessions.
Strong Support: $89,000 - A significant level where previous buying pressure was observed, could act as a major pivot point.
Immediate Resistance: $96,800 - A short-term resistance where selling pressure has been evident.
Key Resistance: $99,000 - The 50-day SMA sits here, acting as a dynamic resistance.
Psychological Resistance: $100,000 - A round number that has psychological significance; breaking this could spur further gains.
Moving Averages
50-day SMA: $99,000 - Indicates a bearish short-term trend as the price is below this level.
100-day SMA: $92,800 - Price is currently above, suggesting some underlying bullishness in the medium term.
200-day SMA: $82,000 - Well below current price, maintaining the long-term bullish outlook.
IndicatorsRelative Strength Index (RSI)
Daily RSI: 32.75 - Nearing oversold conditions, might indicate a potential reversal or at least a pause in the downtrend.
Moving Average Convergence Divergence (MACD)
4-hour MACD: -125.32 (Bearish, below signal line)
Daily MACD: A bearish crossover has occurred, but the histogram bars are shrinking, suggesting weakening bearish momentum.
Bollinger Bands
4-hour: Price is hugging the lower band, hinting at high volatility and potential for a bounce or further sell-off if it breaks down.
Daily: Price has moved outside the lower band, which often precedes a significant move.
Fibonacci Retracement
From the recent swing high to low:
38.2% Retracement: $96,200 (current resistance)
50% Retracement: $93,900 (close to current price)
61.8% Retracement: $91,600 (potential support if price falls further)
Volume Profile
Volume has been moderate on the decline, but there's an uptick in buying volume at the $94,000 level, suggesting some support here.
Candlestick Patterns
Current Daily: There's a potential for a hammer or a doji, signaling possible exhaustion of the bearish move if the price closes near the open.
Weekly: The candle is still forming, but if it closes as a bearish engulfing or a long-legged doji, it could suggest indecision or a potential reversal.
On-Chain Metrics
NUPL (Net Unrealized Profit/Loss): At 0.591, indicating holders are still in a green belief zone, potentially supporting price levels.
Puell Multiple: In the cold zone, suggesting the market might be undervalued or in a period of consolidation.
Conclusion
Short-term: Bearish with risks of further decline if supports break, but the nearing oversold RSI suggests caution for sellers.
Medium-term: A potential for a bounce if current supports hold, with medium-term bullish indicators like the 100-day SMA.
Long-term: The bullish trend persists as long as Bitcoin holds above significant long-term supports like the 200-day SMA.
This analysis should be combined with news and macroeconomic events for a comprehensive view of Bitcoin's potential movements.
