The value of Bitcoin continued to decline and dropped below the $93,500 threshold. BTC is now facing a challenge in recovering above the $95,000 mark.
Bitcoin initiated a new downward trend from the $95,500 resistance area.
Currently, the price is under $95,000 and the 100-hour Simple Moving Average.
On the hourly chart of the BTC/USD pair (data feed from Kraken), a bearish trend line is being formed with resistance at $93,500.
If the pair manages to hold above the $91,200 support level, it could see another uptick.
Bitcoin Value Dips Below $95K
Bitcoin’s attempts to rebound above the $95,500 resistance failed. The digital asset remains in a short-term bearish phase, extending its losses below the $93,500 mark.
The price fell below the $92,000 support level and even dropped below $91,200. It hit a low of $91,168 and is currently consolidating below the 23.6% Fib retracement level of the recent decline from the high of $102,761 to the low of $91,168.
Bitcoin is currently trading under $95,000 and the 100-hour Simple Moving Average. Immediate resistance lies around $93,500, with a bearish trend line forming resistance at the same level on the hourly chart of the BTC/USD pair.
The primary resistance sits at $95,000. If the price manages to break above this level, it could rally further towards $97,000 or the 50% Fib retracement level from the recent swing high to low.
If the price surpasses the $97,000 resistance, it could potentially reach $98,000 before testing the $98,800 level.
Possible Decline in BTC?
If Bitcoin fails to break above the $95,000 resistance, it might observe another downtrend. Immediate support is at $92,500.
The key support levels are $92,000 and $91,200, with a further drop possibly leading to the $90,000 support level.
Technical Indicators:
Hourly MACD – The MACD is currently indicating a bearish trend.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is 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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