Bitcoin Price Pulls Back to Support—Breakdown or Bounce Ahead?
Bitcoin price is down again below the $96,800 region. BTC is retesting the $95,500 support zone and may have difficulty recovering losses.
- Bitcoin began to decline from the $98,000 region.
- Prices trade below $96,500 and the 100-hour simple moving average.
- In the hourly chart of the BTC/USD pair, there is a key bearish trend line with a resistance of $96,400 (from Kraken’s feed).
- If the two stay on the $95,000 area, the couple may increase again.
Bitcoin price drops to support
Bitcoin price failed to clear $99,000 and $100,000 resistance levels. BTC formed the top and started a new downward drop below the $97,000 level. Clear action below the support level of $96,500.
Prices are even below the $95,000 level. However, the Bulls are coming close to $95,200. The low price is $95,224 and the price is now trying to recover. Over $96,000 levels. Prices dropped from the $98,826 swing high to the $95,224 low, price dropped by 23.6% of the FIB retracement level.
Bitcoin price is now trading at a price below $96,500 100-hour simple moving average. On the plus side, immediate resistance is close to the $96,400 level. There is also a key bearish trend line in the hourly table of the BTC/USD pair with resistance of $96,400.
The first key resistance is the level close to the $97,000, or a 50% FIB retracement level from the $98,826 swing high to the $95,224 low. The next key resistance could be $98,000.
Turning off resistors above $98,000 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $98,800. More gains may shift the price to the $100,000 level, or even $100,500.
More losses 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 supports near $95,200 levels.
The next support is now near the $95,000 area. In the short term, more losses could shift the price to $93,500 support. The main support is $92,200.
Technical indicators:
Hourly MACD – MACD is now losing pace in the bearish zone.
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.
