Bitcoin faces bearish outlook with death cross on hourly chart, price fell over 11%.

From Investing.com

December 20, 2024 3:00:22 pm:

Bitcoin (BTC) faces a bearish short-term outlook as a “death cross” appears on its hourly chart, with the 50-hour moving average falling below the 200-hour moving average. A broader market sell-off has led to $1.42 billion in crypto liquidations in the past 24 hours, affecting Bitcoin’s price, which fell by over 11% from a record high of $108,268.

The personal consumption expenditures price index released on Friday showed a 0.1% increase from October and an annual rate of 2.4%, lower than expected. The Fed dropped its benchmark interest rate by a quarter percentage point to 4.25%-4.5%, with Chair Jerome Powell projecting only two rate cuts in 2025, down from four previously predicted.

Bitcoin is down 5.35% in the last 24 hours, dropping as low as $92,115 in Friday’s trading session. A close in red today would mark its third straight day of losses. While death crosses are typically bearish, the market is monitoring support levels, with $90,000 being a critical psychological barrier to watch if selling pressure continues.

If Bitcoin rebounds, the $99,974 level is crucial to watch. A strong rebound from this level could push the price above $100,000 and potentially towards $108,000, with further targets of $113,000 and $125,000. The market remains cautious as Bitcoin navigates through the current volatility.

Read more at Investing.com: Bitcoin (BTC) Hourly Death Cross Emerges: Details By U.Today