Bitcoin is currently trading at $95,492, with a market capitalization of $1.89 trillion, a 24-hour trading volume of $42 billion, and prices fluctuating between $95,134 and $99,886 today.
Bitcoin
Bitcoin’s 1-hour chart displays a significant drop from $99,881 to $95,111, accompanied by substantial selling pressure indicated by large red candles. Small-bodied candles with long wicks suggest a market that is uncertain at these levels. Support is holding at $95,000, while resistance lingers between $97,000 and $98,000.
Oscillators such as the relative strength index (RSI) at 46 and the Stochastic oscillator %K at 35 are remaining calm, but the moving average convergence divergence (MACD) is signaling a bearish trend at 586. The moving averages (MA) for the 10- and 20-periods are trending downwards, contributing to the cautious sentiment.
BTC/USD 1H chart on Dec. 26, 2024.
On the 4-hour chart, Bitcoin forms a bearish engulfing pattern after reaching $99,881, indicating a short-term downward trend. The high volume of the sell-off underscores the negative sentiment. Support is critical at $95,000, with a potential drop to $93,000 if that range fails. To trigger bullish action, prices need to break through the resistance at $98,000 to $99,000 again. Indicators such as the awesome oscillator and momentum, currently at -1,706 and -10,654 respectively, suggest further potential downside.
BTC/USD 4H chart on Dec. 26, 2024.
The daily chart illustrates a bearish overall trend, with Bitcoin retreating from the all-time high of $108,364 earlier this month. A significant drop at $99,881 confirms this reversal. Support zones are crucial at $95,000 and $92,000, with $100,000 serving as both a psychological and technical barrier. The exponential moving averages (EMA) for the 50- and 100-periods are optimistic at $93,101 and $84,592, but the shorter ones remain bearish.
BTC/USD Daily chart on Dec. 26, 2024.
Oscillator readings, with the commodity channel index (CCI) at -70 and the average directional index (ADX) at 27, maintain a neutral to bearish outlook. Traders should monitor for a push above $97,000 or a solid bounce from $95,000 for short-term trades, while long positions require additional confirmation over longer time frames.
The shorter-term moving averages, including the 10- and 20-period simple moving average (SMA) and exponential moving average (EMA), continue to indicate selling pressure, with their values consistently above Bitcoin’s current price. However, longer-term moving averages such as the 100- and 200-period EMA and SMA remain firmly bullish, suggesting that the broader trend may still favor accumulation if key support levels hold.
Bull Verdict:
Bitcoin must reclaim the $97,000 to $98,000 resistance zone and demonstrate sustained upward momentum on higher timeframes to shift sentiment to bullish. A confirmed breakout above $100,000 could reestablish a strong uptrend, particularly if supported by increasing volume and oscillator improvement. The long-term exponential moving averages (EMA) remain bullish, indicating that the broader trend could still favor buyers if critical support holds.
Bear Verdict:
The bearish outlook prevails in the short to medium term, with $95,000 as the key level to watch. A break below this support could accelerate selling towards $93,000 and potentially $92,000, exacerbated by sell signals across momentum indicators and shorter-term moving averages. Current technical signals suggest caution for buyers, with further downside likely unless significant bullish momentum reemerges.
