Bitcoin Price Faces Mounting Pressure: Bears Take the Lead
Bitcoin price extended losses and fell below the $95,000 area. BTC is correcting gains and may struggle to recover above $96,500.
- Bitcoin started a fresh decline from the $97,500 resistance zone.
- The price is trading below $97,000 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $94,900 on the hourly chart of the BTC/USD pair (data via Kraken).
- If the pair holds above the $92,500 support area, another upward move could start.
Bitcoin price falls below $95,000
Bitcoin Price Fails to Start a Recovery Wave Above $98,000 Resistance. BTC remains in short-term bearish territory, with losses extending below $96,500.
There was a clear break below the $95,000 support area. The price is even lower than $93,200. A low was formed at $92,501, with the price now consolidating losses below the 23.6% Fibonacci retracement level of the recent swing high from $102,760 to $92,500 low.
Bitcoin price is currently below $96,500, 100 hour simple moving average. On the upside, immediate resistance lies near $95,000. There is also a bearish trend line forming with resistance at $94,900 on the hourly chart of the BTC/USD pair.
The first key resistance is near $96,500. A clear break above the $96,500 resistance could lead to a move higher. The next key resistance level is likely to be $97,500, or the 50% Fib retracement level of the recent swing high from $102,760 to $92,500 low.
A close above the $97,500 resistance may push the price higher further. 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 $95,000 resistance, it may start a fresh decline. Immediate support on the downside lies near the $93,500 level.
The first major support level is located near $92,500. The next support is near the $92,000 area. Any further losses could push the price towards the $91,500 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 $93,500, followed by $92,500.
Major resistance levels – $95,000 and $96,500.
