FxNews—Bitcoin dipped from its all-time high of $104,000 on December 5 with a sharp bearish wave, which resulted in testing the 23.6% Fibonacci retracement level at $90,980. This downtrend was expected due to Stochastic Overbought signals.
As of this writing, BTC/USD trades at approximately 98,200, erasing yesterday’s losses.
Bitcoin Technical Analysis
Please note that Bitcoin’s trend outlook is bullish, above the $93,745 support. That said, the immediate resistance is at $98,960.
From a technical perspective, Bitcoin’s uptrend could resume if bulls close and stabilize above the immediate resistance. In this scenario, the next bullish target could fill the bearish fair value gap area at approximately 101,000.
Conversely, a dip below the 93,745 mark can potentially trigger the downtrend. If this scenario, Bitcoin prices will likely dip toward the 23.6% Fibonacci retracement level at $90,980.
