Bitcoin Price Under Pressure: BTC Struggles to Stay Afloat
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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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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
