Bitcoin Price Sees Short-Term Dip — Bulls Plot Their Next Move

Bitcoin price is correcting gains from the $95,000 zone. BTC is back below $94,000 and might test the $91,200 support zone in the near term.

• Bitcoin started a minor downside correction below the $94,000 zone.

• The price is trading below $94,000 and the 100 hourly Simple moving average.

• There is a connecting bearish trend line forming with resistance at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• The pair could start another increase if it clears the $94,200 zone.

Bitcoin Price Starts Downside Correction

Bitcoin price remained stable above the $90,000 level and started a fresh increase. BTC was able to climb above the $91,500 and $94,000 resistance levels.

The bulls were able to pump the price above the $94,500 resistance. The recent high was formed at $95,348 and the price started a downside correction. There was a drop below the $94,500 and $94,000 levels. A low was formed at $92,900 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $95,348 swing high to the $92,900 low.

Bitcoin price is now trading below $94,000 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $94,000 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $93,650 level. The first key resistance is near the $94,000 level. The next key resistance could be $94,150 and the 50% Fib retracement level of the downward move from the $95,348 swing high to the $92,900 low.

A close above the $94,150 resistance might send the price further higher. In the stated case, the price could rise and test the $94,500 resistance level. Any more gains might send the price toward the $95,500 level.

More Losses In BTC?

If Bitcoin fails to rise above the $94,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $92,800 level. The first major support is near the $92,000 level.

The next support is now near the $91,500 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 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 – $92,800, followed by $92,000.

• Major Resistance Levels – $94,000 and $94,150.