Bitcoin extended its losses and traded under the $95,000 area. BTC has corrected gains and may struggle to rise above $96,500.
- Bitcoin began a new decline after it broke through the resistance level of $97,500.
- It is currently trading at a price below $97,500 and the 100-hour Simple Moving average.
- On the hourly BTC/USD chart, there is a bearish line connecting with resistance of $94,900 (data from Kraken).
- It is possible that the pair will start to increase again if they stay above the support level of $92,500.
Bitcoin price drops below $95K
The Bitcoin price has failed to begin a wave of recovery above the $98,000 resistance. BTC continued to be in a bearish short-term zone. Losses extended below $96,500.
A clear movement was seen below the 95,000-dollar support zone. Even below $93,200, the price traded. The price has now consolidated losses under the 23.6% Fib level. It is currently trading below $92,501, the low formed.
Bitcoin is currently trading at a price below $96.500. 100 hourly Simple moving average. A resistance level near the $95,000 mark is the immediate upward barrier. On the hourly BTC/USD chart, a bearish trendline is also developing with resistance near $94,900.
First key resistance near $96,500. Price could rise if a clear break above $96,500. Next, the price could move higher if it clears the resistance of $96,500. This is the level where the Fib 50% retracement from the swing high at $102,760 to the low at $92,500 has occurred.
Price could rise if the resistance level of $97,500 is breached. The price may rise to test $98,800 as in the case stated. If the price continues to rise, it could reach the level of $100,000.
A Drop in BTC Prices?
Bitcoin could begin a new decline if it fails to break through the resistance level of $95,000. Near the $93,500 support level, there is immediate support to the downside.
The next major support now lies near $92,500. Next support now lies near $92,000. If the market continues to fall, it could push the price down towards the support of $91,500 in the near future.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $93,500, followed by $92,500.
Major Resistance Levels – $95,000 and $96,500.
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Source: www.newsbtc.com
