Bitcoin’s Plunge: A Farce in Five Acts 🎭💸

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Ah, the capricious dance of Bitcoin, that digital chimera, has once again taken a pirouette into the abyss, leaving its acolytes clutching at the ethereal threads of hope. Below the threshold of $103,500, it skulks, a shadow of its former self, as if the very gods of finance had grown weary of its antics. 🕳️✨

  • Behold, the descent commenced with a dramatic flourish, breaching the $105,000 bastion as though it were but a tissue paper barrier.
  • Now, it wallows beneath $104,000, the 100 hourly Simple moving average its only meager companion in this lamentable journey.
  • A bearish trend line, that harbinger of doom, forms with resistance at $103,500 on the hourly chart of the BTC/USD pair-a Kraken-fed spectacle of woe.
  • Should it settle below the $100,000 zone, one might as well declare the funeral rites for this parabolic run. 🪦💔

The price, once a proud stallion, now limps, having failed to maintain its perch above the $105,500 support. It plunged, not with grace, but with the desperation of a cornered beast, dipping below $104,000 and $103,500, into the bearish wilderness. Even the sacred $100,000 support was not spared its fury, as it spiked to a low of $98,900, a number that shall henceforth be whispered in hushed tones. Now, it consolidates its losses near the 23.6% Fib retracement level, a pathetic attempt at redemption. 📉🤡

Trading below $104,000 and the 100 hourly Simple moving average, it awaits the bulls’ futile charge. Resistance looms at $102,000, a mere speed bump on the road to oblivion. The first key resistance, $103,500, stands like a sentinel, while the bearish trend line on the hourly chart of the BTC/USD pair mocks its every move. The next resistance, $105,000, and the 50% Fib retracement level, may as well be the moon-so distant and unattainable. 🌙🚫

Bitcoin's Tragic Plunge

Should it close above $105,000, a miracle of biblical proportions, the price might ascend to $106,400, and perhaps even $107,500. But let us not indulge in such fantasies. The barriers at $108,500 and $108,800 remain as insurmountable as ever, taunting the bulls with their unyielding presence. 🐂🚧

Yet, if Bitcoin fails to breach the $103,500 resistance zone-and fail it shall-the descent shall continue. Immediate support lingers at $100,200, a fleeting comfort before the plunge to $100,000. The next support, $98,800, awaits like a grim reaper, ready to usher the price toward $96,200. And should it fall further, $95,500 stands as the final bastion, beyond which lies only despair. 🪨🌀

Technical indicators:

Hourly MACD – The MACD, that harbinger of gloom, gains pace in the bearish zone, a dirge for the fallen.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD slumps below the 50 level, a testament to its weakness. 💪👎

Major Support Levels – $100,200, followed by $100,000, mere stepping stones to the abyss.

Major Resistance Levels – $103,500 and $105,000, fortresses that shall not be breached. 🏰🔒

And so, dear reader, we witness the farce of Bitcoin’s plunge, a tragicomedy in five acts, each more absurd than the last. Will it rise again? Perhaps. But for now, let us revel in the spectacle of its fall, for in its folly, we find both humor and humility. 🎭💸

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2025-11-05 06:24