The Bitcoin price has started to decline again below $100,000. BTC has fallen close to 10%, and may test support at $90,000.
- Bitcoin has started to decline again below $100,000.
- If the price falls below $95,500, and the 100-hour Simple Moving average.
- On the hourly BTC/USD chart, there is a major bearish trendline with resistance around $96,200 (data from Kraken).
- If the pair stays over $90,000., they could begin another growth.
Bitcoin Price Drops Below $100,000
Bitcoin prices started a second decline beneath the $100k area. BTC’s move to the lower $98,000-$95,000 level gained a bearish trend. Even below $93,000.
Price has been consolidating since a new low at $90.944. losses. A minor rise was seen above $92,500. Price even reached the Fib level 23.6% retracement of the decline from the swing high $106,000 to the low $90,944. Bears now are active around the $95,000 region.
Bitcoin’s price has fallen below $95,000. 100 hourly Simple moving average. The immediate resistance on the upside is located near $95,000. Near the $96,500 mark, we find our first major resistance. A key trend line is also developing with resistance near $96,200 in the BTC/USD hourly chart.
Next key resistance is $98,400, or 50% of Fib’s retracement from the 106,000 swing-high to $90944 low. The price could rise further if the resistance level of $98,500 is breached. The price may rise in the case stated and try to test $96,800. If there are any further gains, the price could rise to the $100,000 mark.
BTC: Another drop in the BTC price?
Bitcoin may start another decline if the price fails to move above $95,000. The immediate support at the bottom is around the $92,500 area. Near the $92,000 support level, we find our first significant support.
Near the $90.000 zone, we are now approaching our next support. If the market continues to fall, it could push the price down towards $88,500 in the short-term.
Indicators of 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 – $92,500, followed by $90,000.
Major Resistance Levels – $95,000 and $96,500.
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Source: www.newsbtc.com
