Bitcoin Continues Lower, Raising Fears That $90K Support May Not Hold

Bitcoin price failed to recover above $95,000. BTC is down over 4% and there are chances of more downsides below $90,000.

• Bitcoin started a fresh decline below $94,000 and $93,500.
• The price is trading below $93,000 and the 100 hourly Simple moving average.
• There is a bearish trend line forming with resistance at $95,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to move down if it settles below the $91,500 zone.

Bitcoin Price Continues To Weaken

Bitcoin price failed to stay in a positive zone above the $93,500 pivot level. BTC bears remained active below $93,500 and pushed the price lower.

The bears gained strength and were able to push the price below the $92,000 zone. A low was formed at $90,700 and the price is now showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $95,888 swing high to the $90,700 low.

Bitcoin is now trading below $92,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $95,850 on the hourly chart of the BTC/USD pair.

If the bulls attempt another recovery wave, the price could face resistance near the $92,500 level. The first key resistance is near the $93,250 level and the 50% Fib retracement level of the recent decline from the $95,888 swing high to the $90,700 low.

The next resistance could be $93,800. A close above the $93,800 resistance might send the price further higher. In the stated case, the price could rise and test the $94,500 resistance. Any more gains might send the price toward the $95,500 level. The next barrier for the bulls could be $95,800 and $96,500.

More Losses In BTC?

If Bitcoin fails to rise above the $93,500 resistance zone, it could start another decline. Immediate support is near the $90,800 level. The first major support is near the $90,500 level.

The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,000 support in the near term. The main support sits at $86,500, below which BTC might accelerate lower in the near term.

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 – $90,500, followed by $90,000.

Major Resistance Levels – $92,500 and $95,800.