Bitcoin Price Under Pressure: Could The Slide Continue?
Bitcoin price extended losses and fell below the $100,000 area. BTC is showing bearish signs and may continue its decline towards the $91,200 support area.
- Bitcoin begins a new decline from the $100,000 resistance zone.
- The price is trading below $98,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance at $95,850 on the hourly chart of the BTC/USD pair (data via Kraken).
- If the pair holds above the $92,000 support zone, a fresh increase may begin.
Bitcoin price drops again
Bitcoin price fails to rise again expand losses Below $100,000 area. BTC gained bearish momentum below the $98,000 and $96,500 levels.
The price even soars below $92,250. A low was formed at $92,159 before a recovery wave emerged. However, bears are active near the $100,000 level. The price formed a high at $99,575 and started falling again. It’s trading below $96,500.
The swing low of $92,159 to highs of $99,575 was significantly below the 50% Fib retracement of the recovery wave. There is also a key bearish trend line forming with resistance at $95,850 on the hourly chart of the BTC/USD pair.
Bitcoin price currently below $98,000 100 hour simple moving average. It is also testing the 76.4% Fib retracement level of the recovery wave from the $92,159 swing low to $99,575 high.
On the upside, immediate resistance lies near $95,000. The first key resistance is near $95,850. A clear break above the $95,850 resistance could lead to a move higher. The next key resistance level is likely to be $97,800. A close above the $97,800 resistance could lead to further gains.
In the above scenario, the price may rise and test the $98,500 resistance. If there is further upside, the price may rise towards the $100,000 level.
Does Bitcoin Have More Downside?
If Bitcoin fails to rise above the $95,850 resistance zone, it may continue to fall. Immediate support on the downside lies near the $93,800 level.
The first major support level is located near $92,500. The next support is near the $91,200 area. Any further losses could push the price towards the $90,000 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 $92,500, followed by $91,200.
Major resistance levels – $95,850 and $97,800.
