Bitcoin Price Rejected Again — Are Bears Gearing Up for a Pullback?
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Bitcoin price is struggling to clear the $94,500 zone. BTC is consolidating gains and might correct some gains to test the $91,200 support zone.
Bitcoin started a decent upward move above the $92,500 and $92,800 levels.
The price is trading above $92,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $93,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $94,500 zone.
Bitcoin Price Faces Rejection
Bitcoin price remained stable above the $88,800 level and started a fresh increase. BTC was able to climb above the $90,500 and $92,000 resistance levels.
The bulls were able to pump the price above the $93,500 resistance. It even climbed higher and retested the $94,500 resistance zone. The recent high was formed at $94,450 and the price started a consolidation phase. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $91,711 swing low to the $94,450 high.
Bitcoin price is now trading above $92,800 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $93,100 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $94,200 level. The first key resistance is near the $94,500 level. The next key resistance could be $94,650. A close above the $94,650 resistance might send the price further higher. In the stated case, the price could rise and test the $95,500 resistance level. Any more gains might send the price toward the $96,200 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $94,200 resistance zone, it could start a downside correction. Immediate support on the downside is near the $93,100 level and the trend line. The first major support is near the $92,750 level and the 61.8% Fib retracement level of the upward move from the $91,711 swing low to the $94,450 high.
The next support is now near the $91,700 zone. Any more losses might send the price toward the $90,500 support in the near term. The main support sits at $90,000.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $93,100, followed by $92,750.
Major Resistance Levels – $94,450 and $94,650.
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