Bitcoin Price Correction: BTC Price Analysis, Up or Down?

Bittime - Bitcoin is currently experiencing a Bitcoin price correction. After reaching levels near $97,500, BTC price saw a decline below $95,000. 

This correction raises the question of whether this is just an ordinary correction or is there potential for a further bearish trend? Read this article to find out more!

Bitcoin Price Correction Under $95,000

In recent days, Bitcoin failed to sustain its gains above the $97,500 level. This Bitcoin price correction brought the BTC price down to near $90.736, before finally starting to consolidate around $92.500.

Technically, Bitcoin's price is currently at the bottom Simple Moving Average (SMA) 100 jam, which indicates bearish pressure in the pen termten 

This Bitcoin price correction is considered healthy by some analysts, but several technical factors point to challenges for a comeback.

Read Also: Why Is Bitcoin Price Down Today? Find Out Here!

Bitcoin Price Correction, Key Resistance $93,500 and $94,800

On the hourly graph, there are bearish trend line with resistance all around $93.500. This area became an initial obstacle for Bitcoin prices to continue the rally. 

If the price manages to break this level, the next resistance is at $94.800, which is adjacent to the 50% Fibonacci retracement level of the previous decline.

More hikes above $94.800 could take Bitcoin to the next important resistance level at $95.750. Covera price above this level could push BTC to retest the $97,500 to $98,000 zone, the main target in the short term.

Bitcoin Price Correction, Possible Further Down

If Bitcoin fails to break resistanceand $93.500, there is a possibility of further Bitcoin price correction. Initial support be around $91.800, followed by level $90.500. 

If this level is unable to withstand selling pressure, BTC price could fall further to $90.000, with touching potential $88.000 as supponext RT.

Indicator MACD hourly shows increasing bullish momentum, but RSI (Relative Strength Index) still below the 50 level, which indicates an imbalance between buyers and sellers.

Bitcoin Price Correction, Is an Uptrend Still Possible?

Mi miss currently in the Bitcoin price correction phase, upside opportunities remain if BTC is able to overcome the key resistance level. Penetration above $94.800 And $95.750 will be a strong signal that the uptrend is still continuing. 

In that scenario, the next target is $97.500 until $98.000. Conversely, failure to rise above this resistance could trigger a deeper bearish trend. 

Bitcoin Price Correction, Up or Down?

The current Bitcoin price correction indicates complex market dynamics. While some analysts see this as a healthy Bitcoin price correction after a long rally, other technical signals point to the potential for further downside.

Investors are expected focus on resistance levels $93.500 And $94.800 fork determines the direction of the next movement. 

So, is this the time to buy Bitcoin at low prices or wait for confirmation of a bullish trend? It all depends on how Bitcoin moves in the coming days. So, let's monitor the next Bitcoin price movement.

Read Also: 5 Important Facts about Bitcoin This Week that You Should Know

Bitcoin FAQ

What are Bitcoins?

Bitcoin is the world's first crypto asset and the largest crypto asset by market capitalization. Bitcoin was first created in 2009 by Satoshi Nakamoto, whose true identity until now no one knows.

How many Rupiah is 1 BTC?

Currently, 1 BTC is worth IDR 1,494,381,825 based on the Bittime market. 

1 BTC How much is USD?

Currently, 1 BTC is worth $93,598.91 according to Coinmarketcap.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.

Reference

Ayush Jindal, Bitcoin Price Corrects to $90K: Healthy Dip or Cause for Concern?, accessed November 27, 2024.

CoinGecko, Bitcoin, accessed November 27, 2024.

Author: IPR