bullish

Jerome Powell

Sharp

Strong

Optimism

<p>Bitcoin’s price experienced a significant correction starting December 19, 2024, pulling back to $96,500 after hitting a weekly high of $108,000. Despite the drop, analysts highlight the $99,000-$97,000 range as a key <strong>support zone</strong>, reinforcing optimism for Bitcoin’s broader bullish trend.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <a href="https://www.qubetics.com/?utm_source=TNYR&amp;utm_medium=postBANNER" target="_blank" rel="noreferrer noopener nofollow"><img loading="lazy" decoding="async" width="728" height="90" src="https://www.turkishnyradio.com/wp-content/uploads/2024/11/Qubetics-is-728x90-1-3.jpg" alt="Qubetics is 728x90 1 3" class="wp-image-28237" title="Bitcoin Faces Sharp Correction, Stabilizes at $96,500 49"></a>
 </figure>
</div> 
<h2 class="wp-block-heading" id="a-historic-correction-amid-fed-policies">A Historic Correction Amid Fed Policies</h2> 
<p>The correction marks Bitcoin’s sharpest decline since August 5, driven by concerns surrounding the Federal Reserve’s monetary policy. <strong>Fed Chairman Jerome Powell</strong> announced plans for only two interest rate cuts in 2025, fueling cautious sentiment across riskier markets, including cryptocurrencies. In the last 24 hours, Bitcoin oscillated between $102,759 and $96,500, testing the psychological $100,000 threshold.</p> 
<p>On-chain data from <strong>Glassnode</strong> reveals a declining trend in the severity of corrections during bull cycles. While the largest drawdown in 2024 was just 32%, previous cycles in 2021 and 2017 saw corrections of 63% and 36%, respectively. The introduction of <strong>spot ETFs</strong> and increased institutional demand are credited with contributing to Bitcoin’s relative price stability.</p> 
<h2 class="wp-block-heading" id="strong-support-levels-reinforce-optimism">Strong Support Levels Reinforce Optimism</h2> 
<p>Glassnode’s cost-based distribution data highlights the $99,000-$97,000 range as a robust <strong>support level</strong>. Analyst Axel Adler Jr. echoed this view, emphasizing the significance of the $97,900 mark for short-term traders. From a technical perspective, the $97,500-$95,500 zone integrates the 50-day exponential moving average (EMA) and a fair value gap (FVG), forming a critical price floor.</p> 
<p>Should Bitcoin breach the $95,000 threshold, a decline to $90,000 becomes a possibility. However, the broader <strong>bullish trend</strong> remains intact, supported by strong mid- and long-term technical indicators.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img loading="lazy" decoding="async" width="1644" height="1200" src="https://www.turkishnyradio.com/wp-content/uploads/2024/12/chart-29.jpeg" alt="chart 29" class="wp-image-33675" title="Bitcoin Faces Sharp Correction, Stabilizes at $96,500 50" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/12/chart-29.jpeg 1644w, https://www.turkishnyradio.com/wp-content/uploads/2024/12/chart-29-768x561.jpeg 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/12/chart-29-1536x1121.jpeg 1536w" sizes="(max-width: 1644px) 100vw, 1644px">
 </figure>
</div> 
<h2 class="wp-block-heading" id="investor-focus-100-000-to-95-000-range">Investor Focus: $100,000 to $95,000 Range</h2> 
<p>Investors are closely monitoring Bitcoin’s movement between $100,000 and $95,000, with many optimistic about its ability to maintain current support levels. Turkish NY Radio highlights that institutional interest and spot ETF developments continue to play a pivotal role in sustaining Bitcoin’s upward trajectory.</p> 
<h3 class="wp-block-heading" id="key-takeaways">Key Takeaways</h3> 
<ul class="wp-block-list"> 
 <li>Bitcoin corrected from $108,000 to $96,500 following Fed announcements.</li> 
 <li>Strong support zones are identified between $99,000 and $95,000.</li> 
 <li>Institutional demand and spot ETFs contribute to price stability.</li> 
 <li>A break below $95,000 could trigger a drop to $90,000.</li> 
</ul> 
<p>As reported by <strong><a href="https://www.turkishnyradio.com/" target="_blank" data-type="link" data-id="https://www.turkishnyradio.com/" rel="noreferrer noopener nofollow sponsored">Turkish NY Radio</a></strong>, Bitcoin’s current correction is seen as a healthy pullback in its broader bull cycle, with critical support levels providing a safety net against further declines.</p>

Bitcoin Faces Sharp Correction, Stabilizes at $96,500

Table of Contents

TNYR

Other articles published on Dec 20, 2024

Ripple Price Analysis: XRP Could Slump to $1.4 if This Support Level Doesn’t Hold

Analyst Spots Bull Flag On XLM Daily Chart, States the Key Levels to Watch

Optimize Your Earnings with 2025’s Premier Cryptocurrency Wallets! Key Choices for Ultimate Secur...

Binance.US to Restore USD Services in 2025: A Catalyst for Bitcoin Growth?

Ethereum (ETH) Price Prediction For December 20

Bitcoin Drops as ETF Outflows Hit $680M Amid Powell’s Federal Reserve Comments

Join our free newsletter for daily crypto updates!