Bitcoin (BTC) Testing Key Support Level After Sudden Drop
12/23/2024 23:39Bitcoin has plunged back to the $93,000 level
Bitcoin has plunged back to the $93,000 level
The price of Bitcoin, the leading cryptocurrency by market capitalization, has slipped to an intraday low of $93,054.
According to Andrew Thrasher, portfolio manager for The Financial Enhancement Group, the leading cryptocurrency is currently testing the 50-day moving average (MA) on the daily chart.
Cryptocurrency analyst David Vallieres believes that the price of Bitcoin coud potentially re-test the breakout point of $73,600 if it breaks below the $92,600 level. "The probability of that happening are about 40% imo. However, my ultimate target for the measured move is still $123K," the chartist noted in a recent social media post.
The flagship cryptocurrency is down 2.7% over the past 24 hours. It now down by nearly 13% over the past week.
Most alternative cryptocurrencies have also taken a beating, with XRP slipping by as much as 4%. The Ripple-linked cryptocurrency, which stunned the market with tremendous gains in November, has now dropped to fourth place by market capitralization. It is currently valued at $122.7 billion.
Dogecoin (DOGE) and Cardano (ADA) are also down by 2.5% and 2.2%, respectively.
Earlier today, business intelligence firm MicroStrategy announced another significant Bitcoin purchases for the seventh week in a row. However, it expectedly failed to push the price of the cryptocurrency higher.
On Dec. 17, the leading cryptocurrency soared to a record high of $108,135. However, it lost its bullish momentum after the Fed indicated that it was preparing to implement fewer rate cuts than initially expected in 2025. The cryptocurrency is down 14.1% from its record high.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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