Bitcoin Price Recovery Loses Steam: Are More Losses Ahead?
Bitcoin price initiated a drop in the $100,500 zone. BTC is trimming the gain and may continue to move downward towards the $95,000 area.
- Bitcoin’s new drop is lower than the $100,000 level.
- Prices traded below $98,800 and a 100-hour simple moving average.
- In the hourly chart of the BTC/USD pair, there is a connected bearish trend line with a resistance of $98,000 (from Kraken’s feed).
- If the two stay on the $95,000 area, the couple may increase again.
Bitcoin price drops below $98,000
Bitcoin price failed to continue the area above $102,500. It started another decline Areas below $99,500. BTC gained bearish momentum to below the $98,800 and $97,500 levels.
The Bears will put the upward wave price below the 50% FIB retracement level, from a swing of $91,000 to $102,500. Price even tested the $96,500 support zone and is currently consolidating losses from a bearish perspective.
Bitcoin price is now trading at a price below $98,800 100-hour simple moving average. In good aspects, the immediately resistance is close to $ 98,000. On the hourly chart of the BTC/USD pair, there is also a connected bearish trend line with a resistance of $98,000.
The first key resistance is close to the $99,500 level. The next key resistance may be $ 100,000. The closing of the resistance of more than 100,000 US dollars may make the price higher. Under the state of statement, the price may rise and test the resistance level of $ 102,500. More returns may transfer the price to a level of $ 103,500.
Is there more losses in BTC?
If Bitcoin fails to exceed the $98,000 resistance zone, a new decline may begin. Immediately support the level of nearly $ 96,500 in shortcomings. The first major support is the level close to $95,400, or the 61.8% FIB retracement level of upward waves from a swing of $91,000 to $102,500 high.
The next support is now near the $93,700 area. In the short term, more losses may send the price to $95,000 in support.
Technical indicators:
Hourly MACD – MACD is now reaching pace in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Main support level – $96,500, followed by $95,000.
Major resistance levels – $98,000 and $100,000.
