Bitcoin Decline Continues: Are Bulls Losing Control?
Bitcoin price extended losses and fell below the $100,000 area. BTC is struggling and may continue to fall towards the $92,000 support area.
- Bitcoin started a fresh decline from the $102,000 resistance zone.
- The price is trading below $102,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance at $98,500 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- If the pair holds above the $95,500 support area, a fresh increase may begin.
Bitcoin price drops further
Bitcoin price failed to rally again and extended losses below the $102,000 area. Bitcoin rises Bearish momentum Below the $100,000 and $98,000 levels.
The price has even soared below $96,500. A low was formed at $95,586 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance at $98,500 on the hourly chart of the BTC/USD pair.
Bitcoin price is currently below $102,000, 100 hour simple moving average. On the bright side, the price may face resistance near $98,500. It is close to the 23.6% Fib retracement level of the downward move from the swing high of $108,295 to low of $95,586.
The first key resistance lies near $100,000. A clear break above the $100,000 resistance could lead to a move higher. The next key resistance level is likely to be $102,000. A close above the $102,000 resistance could lead to further price gains.
In the above scenario, the price is likely to rise and test the $103,400 resistance or the 61.8% Fibonacci retracement level of the downside move from the $108,295 swing high to $95,586 low. In case of further gains, the price may rise towards the $105,000 level.
Does Bitcoin Have More Downside?
If Bitcoin fails to break above the $98,500 resistance zone, it may continue to fall. Immediate support on the downside lies near the $96,200 level.
The first major support level is located near $95,500. The next support is near the $93,200 area. Any further losses could push the price towards the $92,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support is at $95,500, followed by $93,200.
Major resistance levels – $98,500 and $100,000.
