Bitcoin Price Under Pressure: BTC Struggles to Stay Afloat
Bitcoin price extended losses and traded below the $93,500 zone. BTC is correcting gains and might struggle to recover above the $95,000 level.
Bitcoin started a fresh decline from the $95,500 resistance zone.
The price is trading below $95,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $91,200 support zone.
Bitcoin Price Turns Red Below $95K
Bitcoin price failed to start a recovery wave above the $95,500 resistance. BTC remained in a short-term bearish zone and extended losses below the $93,500 level.
There was a clear move below the $92,000 support zone. The price even traded below $91,200. A low was formed at $91,168 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $102,761 swing high to the $91,168 low.
Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $93,500 level. There is also a connecting bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $95,000 level. A clear move above the $95,000 resistance might send the price higher. The next key resistance could be $97,000 or the 50% Fib retracement level of the recent decline from the $102,761 swing high to the $91,168 low.
A close above the $97,000 resistance might send the price further higher. In the stated case, the price could rise and test the $98,000 resistance level. Any more gains might send the price toward the $98,800 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $95,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $92,500 level.
The first major support is near the $92,000 level. The next support is now near the $91,200 zone. Any more losses might send the price toward the $90,000 support 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 – $92,500, followed by $91,200.
Major Resistance Levels – $93,500 and $95,000.
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