Bitcoin Price Stuck Below $100K: Will Momentum Pick Up?
Bitcoin price consolidates the $95,000 support zone. BTC is struggling and could increase losses if the losses remain below $100,000.
- Bitcoin started to emerge from the $98,500 resistance zone.
- Prices trade below $96,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (Kraken’s data feed), there is a break below the supported bullish trend line.
- If this pair clears the $97,600 area, the couple may increase again.
Bitcoin price falls again
Bitcoin prices failed to continue to rise above the $100,000 region. It’s started Another drop Areas below $96,500. BTC gained bearish momentum, with its relocation below $96,000 and $95,500.
On the hourly chart of the BTC/USD pair, there is a breakout below the connected bullish trend line with a support bonus of $96,670. Price tested the $95,000 area and recently recovered some losses. Move above the level of $95,750.
Price exceeds 23.6% FIB retracement level Move down From $98,442 Swing High to a low price of $94,899. Bitcoin Price is now trading below the $96,500 and the 100-hour simple moving average.
On the plus side, immediate resistance is close to the $96,650 level. The first key resistance is close to the $97,000 level. The next key resistance could be $97,600, or a 76.4% FIB retracement level from $98,442 Swing High to the $94,899 low.
Turning off resistors above $97,600 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $98,500. More gains may shift the price to the $100,000 level.
Another decline in BTC?
If Bitcoin fails to exceed the $97,000 resistance zone, a new decline may begin. Immediately support close at the $95,500 level. The first major support is close to the $95,000 level.
The next support is now near the $93,500 area. In the short term, more losses may send the price to $92,000 in support. The main support is $91,000.
Technical indicators:
Hourly MACD – MACD is now losing pace in bullish areas.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Mainly supported level – $95,500, followed by $95,000.
Major resistance levels – $97,000 and $98,000.
