Bitcoin Price Tumbles 5%—Key Support Levels in Focus
Bitcoin’s price starts to fall below $95,000 in support. BTC must be kept above the $90,000 area to avoid further losses in the short term.
- Bitcoin began to decline from the $98,500 region.
- Prices trade below $95,500 and the 100-hour simple moving average.
- In the hourly chart of the BTC/USD pair, there is a short-term triangle with a resistance of $92,200 (from Kraken’s feed).
- If the area above $90,000 is not maintained, the couple may drop again.
Bitcoin price drops further
Bitcoin price cannot stay above $96,500 levels and starts New decline. BTC declines below the $95,000 and $94,200 support levels.
Prices are even below the $92,500 level. It tested the $90,800 area. The low price is $90,888 and the current price is consolidating the loss. It returns above the $91,500 level and is now facing a barrier to a 23.6% FIB retracement level from a swing high of $96,483 to a $90,888 low.
Bitcoin price is now trading below $94,200. 100-hour simple moving average. On the plus side, immediate resistance is close to the $92,200 level. On the hourly chart of the BTC/USD pair, there is also a short-term triangle with a resistance of $92,200.
The first key resistance is close to the $93,200 level. The next key resistance could be $93,650 or it could be a 50% FIB retracement level from a swing high of $96,483 to $90,888 low.
The shutdown of resistors above $93,650 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $94,500. More gains could shift the price to the $95,500 level, or even $96,400.
Another decline in BTC?
If Bitcoin cannot exceed the $92,200 resistance zone, a new drop may begin. Immediate support is close to the $9” level, 500 level. The first major support is close to the $90,850 level.
Now, the next support is near the $90,000 area. In the short term, more losses may send the price to $88,500 in support. The main support is $86,400.
Technical indicators:
Hourly MACD – MACD is now at the pace of the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Mainly supported level – $91,500, followed by $90,850.
Major resistance levels – $92,200 and $93,200.
