Bitcoin Price Slips Below $95K: Is The Rally Losing Steam?
Bitcoin price is correcting gains below the $96,500 resistance. BTC is currently trading below $95,000 and may face obstacles near the $95,750 resistance.
- Bitcoin started a downward correction from the $98,880 area.
- The price is trading below $96,000 and the 100 hourly simple moving average.
- There is a short-term bearish trend line breaking above resistance at $94,200 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- If the $95,750 resistance is exceeded, the pair may start rising again.
Bitcoin price correction gains
Bitcoin price struggles Expand revenue Above the $98,800 and $99,000 levels. BTC started a downward correction below the $97,000 and $96,000 levels. It even fell below $95,000.
The lowest price is $92,550, and prices are currently rising. There was a break above the $93,800 resistance level. The price cleared the 23.6% Fib retracement level of the downward move from the $98,880 swing high to $92,550 low.
Additionally, there was a break above a short-term bearish trend line with resistance at $94,200 on the hourly chart of the BTC/USD pair. Bitcoin price currently below $96,000 100 hour simple moving average.
On the upside, the price may face resistance near $95,200. The first key resistance is near $95,750. It is close to the 50% Fib retracement level of the downward move from the swing high of $98,880 to low of $92,550.
A clear break above the $95,750 resistance could push the price higher. The next key resistance level is likely to be $97,350. A close above the $97,350 resistance could trigger more gains. In the above scenario, the price may rise and test the $98,880 resistance. If there is further upside, the price may rise towards the $100,000 level.
Bitcoin falling again?
If Bitcoin fails to break above the $95,750 resistance, it may start another downside correction. Immediate support on the downside lies near the $93,800 level.
The first major support level is located near $92,500. The next support is near the $90,000 area. Any further losses could push the price towards the $88,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support is at $93,800, followed by $92,500.
Major resistance levels – $95,750 and $97,350.
