Bitcoin Price Retreats—Key Support Levels in Focus After Reversal
Bitcoin’s price began a new decline from the $95,000 resistance zone. BTC returns below $90,000 and may continue to decline.
- Bitcoin began to emerge from the $95,000 resistance zone.
- Prices trade below $92,000 and 100-hour simple moving averages.
- On the hourly chart of the BTC/USD pair (Kraken’s data feed) there is a breakout below the connected bullish trend line.
- If the area above $82,250 is not maintained, the couple may drop again.
Bitcoin price falls by more than 10%
The price of Bitcoin is concentrated in $88,000 and $90,000 resistance levels. BTC tested $95,000 resistance facing strong resistance. Price failed to maintain earnings and began to drop below $92,000.
Action below the $92,000 and $90,000 support levels. Prices exceed 10%, trading below 50% of FIB retracement levels, from a swing of $84,500 to a high price of $95,000. On the hourly chart of the BTC/USD pair, there is also a break below the connected bullish trend line, supporting $88,000.
Bitcoin price is now trading below $90,000, 100-hour simple moving average. On the plus side, immediate resistance is close to the $85,000 level. The first key resistance is the $86,600 level.
The next key resistance could be $88,500. Turning off resistors above $88,500 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $90,000. More gains could shift the price to the $92,000 level, or even $93,500.
More losses in BTC?
If Bitcoin fails to exceed the $88,000 resistance zone, a new decline may begin. The immediate support of the disadvantage is close to the $82,250 level, while the upward moving 76.4% FIB retracement level dropped from the $84,500 swing to $95,000 high. The first major support is close to $80,000.
Now, the next support is near the $78,500 area. In the short term, more losses could send the price to $76,000 in support. The main support is $75,000.
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 – $82,250, followed by $80,000.
Major resistance levels – $88,000 and $90,000.
