Bitcoin Price Rejected Again — Are Bears Gearing Up for a Pullback?

NewsBTC
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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.


Bitcoin Price


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.

* 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.

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