Bitcoin Price Remains Under Pressure—Can It Break Free?
Bitcoin price is down again below the $96,200 region. BTC is retesting the $95,000 support zone and may have difficulty recovering the losses.
- Bitcoin began to decline from the $97,500 region.
- Prices trade below $96,200 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 $96,000 (from Kraken’s feed).
- If the two stay on the $95,000 area, the couple may increase again.
Bitcoin price drops further
Bitcoin price failed to clear $98,500 and $98,000 resistance levels. BTC formed the top and started a new downward drop below the $96,500 level. Clear action for support levels below $96,200.
Prices are even below the $95,000 level. However, the Bulls are coming close to $93,400. The low price is $93,388 and the current price is trying to recover. Movement above the level of $95,000. Prices cut FIB retracement levels by 23.6% from swing highs of $98,825 to lows of $93,288.
Bitcoin price is now trading at a price below $96,200 100-hour simple moving average. On the plus side, immediate resistance is close to the $96,000 level. There is also a key bearish trend line on the hourly chart of the BTC/USD pair with resistance of $96,000.
The first key resistance is from the $96,200 level or 50% FIB retracement level, from the $98,825 swing high to $93,288 low. The next key resistance could be $96,750.
Turning off resistors above $96,750 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $97,500. More gains may shift the price to the $98,200 level, or even $98,500.
More losses in BTC?
If Bitcoin fails to exceed the $96,000 resistance zone, a new decline may begin. Immediately support at a disadvantage close to $95,000 level. The first major supports near $94,200 levels.
The next support is now near the $93,400 area. In the short term, more losses could send the price to $92,200 in support. The main support is $91,000.
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.
Main support level – $95,000, followed by $94,200.
Major resistance levels – $96,000 and $98,000.
