15 hours ago

Bitcoin Price Takes Another Hit: Bears Tighten Their Grip

Bitcoin price failed to surpass $100,000 and corrected gains. BTC is back below $96,500 and might revisit the $93,200 support zone. Bitcoin started a fresh decline from the $99,400 zone. The price is trading below $96,500 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support at $98,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $95,000 support zone. Bitcoin Price Dips Again Bitcoin price started a decent upward move above the $96,500 resistance zone . BTC was able to climb above the $97,500 and $98,000 resistance levels. The pair cleared the $99,000 resistance level and traded close to the $100,000 resistance level. A high was formed at $99,400 and the price recently started a fresh decline. There was a move below the $96,500 support. The price dipped below the 50% Fib retracement level of the upward wave from the $92,415 swing low to the $99,400 high. Besides, there was a break below a connecting bullish trend line with support at $98,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $96,500 and the 100 hourly Simple moving average . The price is now holding the $95,000 zone and the 61.8% Fib retracement level of the upward wave from the $92,415 swing low to the $99,400 high. On the upside, immediate resistance is near the $96,400 level. The first key resistance is near the $97,750 level. A clear move above the $97,750 resistance might send the price higher. The next key resistance could be $99,000. A close above the $99,000 resistance might send the price further higher. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level. More Losses In BTC? If Bitcoin fails to rise above the $96,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $95,200 level. The first major support is near the $95,000 level. The next support is now near the $93,800 zone. Any more losses might send the price toward the $92,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $95,000, followed by $93,800. Major Resistance Levels – $96,500 and $97,750.

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Bitcoin Reserves On Binance Fall To Level That Sparked 90% BTC Rally In March — Will History Repeat?

Bitcoin supply on Binance, the world’s biggest digital asset exchange by trading volume, has plummeted to levels not seen since January 2024. Two months after BTC reserves on Binance slumped, Bitcoin saw a parabolic 90% rally just two months later in March. Long-Term Holding Gains Traction CryptoQuant contributor Darkfost noted in a Dec. 25 note that Binance’s BTC reserves recently dropped below 570,000 BTC — the lowest level since January of this year. Historically, falling exchange reserves indicate that holders are moving their Bitcoin holdings to cold storage as they are incredibly bullish about the asset’s price in the long term rather than keeping them on exchanges for selling in the short term. Binance’s BTC reserves fell to a similar level in January , whichpreceded a 90% bull run two months later, with the alpha cryptocurrency hitting a record high of $73,737 on March 13. “When periods of withdrawals occur, it is often a sign of positive momentum building in the market,” Darkfost wrote. Time For Another 90% BTC Price Surge? Bitcoin appeared set to recapture the $100,000 mark after rallying past $99,400 on December 24 just before Christmas Day. The upsurge, however, stalled at around $99,886 on Thursday, and BTC has since nosedived to sub-$96,000. At press time, Bitcoin is trading for $96,696 per coin, according to CoinGecko data. Less than a week ago, the benchmark cryptocurrency was valued at a whopping $108,000, hitting a historic price as the holiday season neared. Nonetheless, a hawkish Federal Reserve dented the asset’s rally by expressing a more cautious approach to rate cuts in 2025. However, Bitcoin is expected to retake the six-figure price tag amid Donald Trump’s imminent presidential inauguration on Jan. 20, which is considered a bullish event for crypto regulations in the US. Many are waiting to see whether Trump will establish a national Bitcoin reserve. Meanwhile, if history repeats itself as predicted by CryptoQuant’s Darkfost, BTC could soar to as high as the $185,000 price point in the coming months from its current levels. NewsBTC