Bitcoin has begun a further decline beneath the $96,800 level. BTC has retested the $95,500 zone of support and may struggle to recover its losses.
- Bitcoin began a new decline after it reached the $98,000 area.
- Price is below the Simple Moving Average of 100 hours and $96,500.
- The hourly chart for the BTC/USD pairs shows a bearish key trend line with resistance of $96,400. (Data feed from Kraken).
- If the pair stays over $95,000, they could begin another growth.
Bitcoin price dips to support
Bitcoin failed to reach the price target $99,000 and $100,000 resistance levels. BTC formed an upper top, and began a decline under the $97,000 mark. A clear movement was seen below the $96,500 level.
Price even dropped below $95,000. Bulls were visible near $95,200. At $95,224, a new low has been formed and now the price is trying to recover. The price moved above the $96,000 mark. The price broke the level of 23.6% Fib retracement for the move downward from the high swing point $98,826 down to the low at $95,224.
Bitcoin’s price has fallen below the $96,500 mark. 100 hourly Simple moving average. On the upside the resistance level is close to $96,400. A key bearish line is also developing with resistance near $96,400 in the hourly chart for the BTC/USD.
First, the resistance level is around $97,000 or 50% of the Fib level of the decline from the swing high at $98,826 to the low level at $95,224. The next major resistance level could be $98,000.
Price could rise if it closes the gap above the resistance level of $98,000. The price may rise in the case stated and try to test the resistance level of $98,800. If the price gains more, it could reach the level of $100,000 or even $105,500.
BTC Losses Increased?
Bitcoin could begin a new decline if it fails to break through the resistance level of $97,000. On the downside, immediate support is located near $95,500. First major support near $95,200.
Near the 95,000-dollar zone, we are now approaching our next support. In the short term, any further losses could send the price towards the support of $93,500. The support level is $92,200.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $95,500, followed by $95,000.
Major Resistance Levels – $97,000 and $98,000.
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Source: www.newsbtc.com
