Bitcoin Price Gradually Slips: Can Bulls Hold Key Support?
Bitcoin price consolidates the $95,000 support zone. BTC is struggling and may slip further unless there is a closing price of over $98,800.
- Bitcoin’s new drop is lower than the $98,000 level.
- Prices trade below $98,000 and 100-hour simple moving averages.
- In the hourly chart of the BTC/USD pair, there is a connected bearish trend line with a resistance of $98,200 (from Kraken’s feed).
- If the couple clears the $98,000 area, the couple may increase again.
Bitcoin price support
Bitcoin Price Can’t continue to be higher Areas above $100,500. It started a drop in the area below $98,500. BTC gained bearish momentum, with its relocation below the $98,000 and $96,000 levels.
From a swing of $91,000 to a height of $102,500, the upward movement of 50% FIB retracement level is below the 50% FIB retracement level. Prices are even below the $95,500 support level and below 100-hour simple moving average.
It tested a 61.8% FIB retracement level from a swing low of $91,000 to a high of $102,500. Bitcoin Price is now trading below the $98,000 and the 100-hour simple moving average.
On the plus side, immediate resistance is close to the $96,750 level. The first key resistance is close to the $98,000 level. On the hourly table of the BTC/USD pair, there is also a connected bearish trend line with a resistance of $98,200.
The next key resistance could be $100,000. The shutdown of resistors over $100,000 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $101,200. More gains may shift the price to the $102,500 level.
More losses in BTC?
If Bitcoin fails to exceed the $98,000 resistance zone, a new decline may begin. Immediately support on the negative side approaching the $96,000 level. The first major support is close to $95,500.
The next support is now near the $93,700 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 reaching pace in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Main support level – $96,200, followed by $95,500.
Major resistance levels – $98,000 and $100,000.
