The Bitcoin price has been consolidating over the $95,000 zone of support. BTC struggles and could slip even further without a close over $98,800.
- Bitcoin has started to decline again below $98,000.
- Price is below the Simple Moving Average of 100 hours and $98,000.
- On the hourly BTC/USD chart, there is a bearish line connecting with resistance of $98,200 (data from Kraken).
- They could increase again if they clear the $98,000 area.
Bitcoin Price Supported
Bitcoin Price failed to continue higher It started another decline below the $98,500 zone. Below the $98,500 level, it started a second decline. BTC has gained a bearish trend for the move beneath $98,000 and $96,000.
A move was made below the 50% Fib level of the rise from the swing-low $91,000 high to the $102,500 low. Even the price spiked down below $95,500 and settled under the 100 hourly Simple moving average.
It reached the 61.8% level for Fib of the uptrend from the $91,000 swing-low to the $102,500 peak. Bitcoin’s price has fallen below $98,000 as well as the Simple Moving Average 100 hours.
Near the $96,750 mark, the immediate resistance will be found on the upside. First, the resistance level is around $98,000. On the hourly BTC/USD chart, there is also a bearish trendline connecting with the resistance of $98,200.
Next, the price could reach $100,000. If the price closes over the $100,000 level, it could send the market higher. Price could test $101,200 level in the case stated. The price could rise even further and test the resistance level of $101,200.
BTC: More losses in the BTC market?
Bitcoin could begin a new decline if it fails to break through the resistance level of $98,000. Near the $96,000 mark, there is immediate support for the downside. Near the $95,500 support level, we find our first significant support.
Next support zone is near $93,700. In the short term, any further losses could send the price towards the support of $92,000. Main support is $91,000.
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 – $96,200, followed by $95,500.
Major Resistance Levels – $98,000 and $100,000.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
