Bitcoin’s price has failed to remain above the $100 zone. BTC has corrected gains and may struggle to remain above the $96,000 zone of support.
- Bitcoin has started to decline again from $102,500.
- If the price falls below $100,000, then it is also trading under 100 hours of Simple moving average.
- The hourly chart shows a breakout below the bullish trendline with support of $98,500 (data feed by Kraken).
- It is possible that the pair will start another growth if they stay above the support zone of $95,500.
Bitcoin price drops below $100K
The Bitcoin price began a steady upward movement above the resistance level of $98,500. BTC managed to break through the resistance of $99,200 as well as $100,00. But it did not clear the $102,500 resistance zone.
The price began a new decline after forming a high at $102,759 The price moved below the $100k support level. A break was also seen below the connecting bullish line that had support at $98,500 in the hourly chart for the BTC/USD.
A pair of currencies traded even below $96,500. At $96,100, a low was created and now the price consolidates losses beneath the 23.6% Fib level. This is the result of recent drop from $102,759 swing low to $96,100.
Bitcoin is currently trading at a price below $98.500. 100 hourly Simple moving average. A resistance level near 97,500 dollars is the immediate upward barrier. Near the $98,500 mark, we find our first major resistance. The price could move higher if the resistance level of $98,500 is broken.
The next major resistance level could be $9,500. This is the 50 percent Fib retracement of the recent fall from the swing high at $102,759 to the low at $96,100. If the price closes above $99,500 then it could send it higher. Price could test and rise above $102,500 level in the case stated. If the price continues to rise, it could reach the $104,000 resistance level.
One more drop in BTC?
Bitcoin may start another decline if the price fails to move above $97.500. Support is found near $96,500 on the downside.
Near the level of $96,100, we have our first significant support. Next support now lies near $95,550. In the short term, any further losses could send the price towards the $93,500 resistance.
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 – $96,500, followed by $95,500.
Major Resistance Levels – $97,500 and $98,500.
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Source: www.newsbtc.com
