Bitcoin Price Falls Short Again—Is a Deeper Decline Coming?

Bitcoin price is struggling to clear the $100,000 resistance zone. BTC is again moving lower and might decline toward the $95,000 support.

• Bitcoin started a fresh decline from the $98,500 zone.

• The price is trading below $97,000 and the 100 hourly Simple moving average.

• There was a break below a major bullish trend line with support at $97,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• The pair could start another increase if it stays above the $96,000 zone.

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Bitcoin Price Dips Again

Bitcoin price remained in a range above the $95,000 support level. BTC started a decent increase above the $97,000 level, but it failed to clear the $98,800 resistance zone.

A high was formed at $98,826 and the price is now moving lower. There was a move below the $97,000 and $96,500 support levels. The price dipped below the 50% Fib retracement level of the upward move from the $95,352 swing low to the $98,826 high.

There was also a break below a major bullish trend line with support at $97,500 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $96,500 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $96,800 level. The first key resistance is near the $97,000 level. The next key resistance could be $98,000. A close above the $98,000 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $100,000 level or even $100,500.