Bitcoin Price Hovers Under $100K: Is Momentum Fading?
Bitcoin price is struggling to test the $100,000 level. BTC is consolidating and may attempt another rise from the $95,000 support area.
- Bitcoin gave back all gains and retested the $95,000 area.
- The price is trading below $96,500 and the 100 hourly simple moving average.
- There is a new short-term bearish trend line forming with resistance at $96,250 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- The pair is likely to gain bullish momentum if it breaks the $96,500 resistance zone.
Bitcoin price drops again
Bitcoin price attempts to clear $98,000 Resistance Zone. However, bears are still in action and Bitcoin pared most of its gains. It fell below the $96,500 support area.
The price has even soared below $95,000. A low was formed at $94,450 and the price is now consolidating losses. The price increased slightly to over $95,200. The price tested the 50% Fib retracement level of the downward move from the $97,396 swing high to $94,450 low.
Bitcoin price is currently below $96,500, 100 hour simple moving average. On the bright side, the price may face resistance near $96,250. There is also a new short-term bearish trend line forming with resistance at $96,250 on the hourly chart of the BTC/USD pair.
The trendline is near the 61.8% Fib retracement of the downward move from the swing high of $97,396 to the low of $94,450. The first key resistance is near $96,800. A clear break above the $96,800 resistance could lead to a move higher.
The next key resistance level is likely to be $98,000. A close above the $98,000 resistance could trigger more gains. In the above scenario, the price may rise and test the $98,800 resistance. If there is further upside, the price may rise towards the $100,000 level.
Bitcoin falling again?
If Bitcoin fails to break above the $96,250 resistance, it may start another downside correction. Immediate support on the downside lies near the $95,000 level.
The first major support level is located near $94,500. The next support is near the $93,200 area. Any further losses could push the price towards the $91,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support level – $95,000, followed by $94,500.
Major resistance levels – $96,250 and $98,000.
