Bitcoin price started a recovery wave above $70,000. BTC is now consolidating above $70,200 and might aim for a steady increase if it clears $71,650.

• Bitcoin started a decent recovery wave above $69,800 and $70,200.
• The price is trading above $70,200 and the 100 hourly simple moving average.
• There is a bullish trend line forming with support at $70,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might start another decline if it stays below the $71,000 and $71,650 levels.

Bitcoin Price Faces Hurdles

Bitcoin price started a recovery wave above the $69,5500 resistance level. BTC climbed above the $70,200 and $70,500 resistance levels.

The price even spiked above the 50% Fib retracement level of the downward move from the $75,998 swing high to the $67,342 low. The price even climbed toward the $72,000 zone before the bears took a stand and protected more gains.

Bitcoin is now trading above $70,200 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $70,400 on the hourly chart of the BTC/USD pair.

If the price remains stable above $70,200, it could attempt a fresh increase. Immediate resistance is near the $71,200 level. The first key resistance is near the $71,650 level. A close above the $71,650 resistance might send the price further higher.

In the stated case, the price could rise and test the $72,650 resistance or the 61.8% Fib retracement level of the downward move from the $75,998 swing high to the $67,342 low. Any more gains might send the price toward the $73,200 level. The next barrier for the bulls could be $73,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,650 resistance zone, it could start another decline. Immediate support is near the $70,400 level. The first major support is near the $70,000 level.

The next support is now near the $69,200 zone. Any more losses might send the price toward the $68,800 support in the near term. The main support now sits at $67,500, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $70,000, followed by $69,200.

Major Resistance Levels – $71,200 and $71,650.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

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Key takeaways

• BTC is trading at $89k after losing less than 1% of its value in the last 24 hours.
• The leading cryptocurrency could top the $90k resistance level in the near term.

BTC trades below $90k

The cryptocurrency market has opened the new weekly candle bearish, with Bitcoin and other major cryptocurrencies currently in the red. Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are currently trading around key levels after correcting slightly over the past few days. 

The three leading cryptocurrencies by market cap could record further losses in the near term as bearish momentum builds across key indicators.

At the moment, traders and investors are closely monitoring critical support zones for signs of stabilization or a deeper corrective move.

Traders are keeping an eye on upcoming macroeconomic events in the global financial markets. In the U.S, the events include the unemployment rate, ADP employment data, and weekly jobless claims, alongside November inflation data, and December flash PMI readings.

Furthermore, the speeches from Federal Reserve Governors Stephen Miran and Christopher J. Waller could give investors clues on the path of interest rates.

The Bank of Japan is also expected to raise interest rates to 0.75% at its upcoming policy meeting on Thursday. 

Bitcoin could face further correction

The BTC/USD 4-hour chart is bearish and efficient as Bitcoin has underperformed in recent days. The cryptocurrency faced rejection from the descending trendline last week, failing to overcome the $94k resistance level. As of Monday, BTC hovers around $89,000.

If the bearish trend continues, Bitcoin could sink lower towards the next key support level at $85,569. However, this support level remains strong at the moment. 

The Relative Strength Index (RSI) on the 4-hour chart is at 42, below its neutral level of 50, indicating bearish momentum is gaining traction. Furthermore, the Moving Average Convergence Divergence (MACD) lines are converging, and a flip to a bearish crossover could add additional confluence for the bears. 

If the bulls regain control and Bitcoin breaks above the $94k resistance level, it could extend its rally toward the $100,000 psychological level.

Ethereum price started a recovery wave above $4,175. ETH is now consolidating and might aim for more gains if it clears the $4,240 resistance.

• Ethereum remained stable above $4,100 and started a recovery wave.
• The price is trading above $4,160 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $4,120 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it settles above $4,220 and $4,240.

Ethereum Price Eyes Upside Break

Ethereum price remained supported above the $4,050 level and started a recovery wave, like Bitcoin. ETH price was able to recover above the $4,150 and $4,200 resistance levels.

The price even spiked toward $4,240 before there was a minor pullback. The price is again rising from $4,095 and trading near the 50% Fib retracement level of the recent decline from the $4,237 swing high to the $4,093 low. Besides, there is a connecting bullish trend line forming with support at $4,120 on the hourly chart of ETH/USD.

Ethereum price is now trading above $4,160 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,200 level and the 76.4% Fib retracement level of the recent decline from the $4,237 swing high to the $4,093 low.

The next key resistance is near the $4,240 level. The first major resistance is near the $4,280 level. A clear move above the $4,280 resistance might send the price toward the $4,320 resistance. An upside break above the $4,320 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,450 resistance zone or even $4,500 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $4,200 resistance, it could start a fresh decline. Initial support on the downside is near the $4,120 level and the trend line. The first major support sits near the $4,095 zone.

A clear move below the $4,095 support might push the price toward the $4,020 support. Any more losses might send the price toward the $3,920 region in the near term. The next key support sits at $3,840.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $4,120

Major Resistance Level – $4,240

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.