Bitcoin Price Breakout Dreams Crushed Again—What’s Next?
Bitcoin prices failed to reach pace in the region above $100,000. BTC has fallen again and is currently consolidating the $96,000 region.
- Bitcoin began to decline from the $99,500 region.
- Prices trade below $97,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair, there is a connected 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 falls again
Bitcoin price forms the basis above $95,500 and begins Recovery wave. BTC is able to exceed resistance levels of $97,000 and $98,500.
The price even cleared the $99,000 resistance level. However, the bears are still active under $100,000. The high price was established at $99,481 and the price began to drop. Below the $98,000 and $96,000 levels.
The low price is $94,888 and the price is now recovering. Move above the level of $95,500. Prices exceeded the 23.6% FIB retracement level, from a swing high of $99,481 to a low of $94,881.
Bitcoin price is now trading at a price below $97,200 100-hour simple moving average. On the plus side, immediate resistance is close to the $96,500 level. On the hourly chart of the BTC/USD pair, there is also a connected bearish trend line with a resistance of $96,400.
The first key resistance is the close to the $97,200 level, or the 50% FIB retracement level moving down from the $99,481 swing, from high to $94,881 low. The next key resistance could be $97,750. Turning off resistors above $97,750 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 could shift the price to the $99,500 level, and could even bring $100,000.
Another decline in BTC?
If Bitcoin fails to exceed the $97,200 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 $94,200 area. In the short term, more losses could shift the price to $93,500 support. The main support is $92,400.
Technical indicators:
Hourly MACD – MACD is now accelerating its pace in the bullish area.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Mainly supported level – $95,500, followed by $95,000.
Major resistance levels – $96,500 and $97,200.
