Bitcoin Price Takes Another Hit: Bears Tighten Their Grip
Bitcoin price failed to break $100,000 and corrected gains. BTC is back below $96,500 and may revisit the $93,200 support area.
- Bitcoin started a fresh decline from the $99,400 area.
- The price is trading below $96,500 and the 100 hourly simple moving average.
- There was a bullish trend line breaking support at $98,400 on the hourly chart of the BTC/USD pair (data via Kraken).
- If the pair holds above the $95,000 support area, another upward move could start.
Bitcoin price drops again
Bitcoin price starts at $96,500 Resistance Zone. BTC was able to break above the $97,500 and $98,000 resistance levels.
The pair broke above the $99,000 resistance and is approaching the $100,000 resistance. A high was formed at $99,400 and the price recently started a fresh decline. It fell below the $96,500 support. The price fell below the 50% Fib retracement level of the upward wave from the swing low of $92,415 to highs of $99,400.
Additionally, there was a break above the connecting bullish trend line with support at $98,400 on the hourly chart of the BTC/USD pair. Bitcoin price is currently below $96,500, 100 hour simple moving average.
The price is currently holding the $95,000 area and the 61.8% Fib retracement level of the upward wave from the $92,415 swing low to $99,400 high. On the upside, immediate resistance lies near $96,400. The first key resistance is near $97,750.
A clear break above the $97,750 resistance could push the price higher. The next key resistance level is likely to be $99,000. A close above the $99,000 resistance could push the price higher further. In the above scenario, the price may rise and test the $100,000 resistance. In case of further gains, the price may rise towards the $102,000 level.
More Bitcoin losses?
If Bitcoin fails to rise above the $96,500 resistance zone, it may continue to fall. Immediate support on the downside lies near the $95,200 level.
The first major support level is located near $95,000. The next support is near the $93,800 area. Any further losses could push the price towards the $92,500 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 $95,000, followed by $93,800.
Major resistance levels – $96,500 and $97,750.
