Bitcoin's price still has support strength above the $94,200 area. BTC is building a bottom base, and there is a possibility of initiating a new upward trend after breaking through the resistance level of $98,000.
Bitcoin started to decline again after breaking below the support area of $98,000.
This price is below $97,500 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair, a key bearish trend line has formed, with resistance at $97,800 (data from Kraken).
If it closes above the resistance level of $98,000, this currency pair may regain momentum.
Bitcoin's price is maintained above the support level.
Bitcoin's price continues to decline, breaking through the support level of $98,000, and subsequently falling below the support level of $96,500, even dipping below $95,000 at one point, eventually forming a low at $94,314, with the current price in a stage of decline consolidation.
However, a rebound has occurred above $96,650, with the price rising above the 61.8% Fibonacci retracement level of the downward wave from the high of $98,267 to the low of $94,314.
Currently, Bitcoin's price is below $98,000 and the 100-hour simple moving average. From an upward perspective, its price may encounter resistance around $97,500, which is close to the 76.4% Fibonacci retracement level of the downward wave from the high of $98,267 to the low of $94,314.
The first key resistance level is around $98,000, and on the hourly chart of the BTC/USD pair, a key bearish trend line has already formed, with resistance at $97,800.
If it can significantly break through the resistance level of $98,000, it may drive the price up. The subsequent key resistance level may be at $98,800. If the closing price successfully breaks through the resistance level of $98,800, there is a chance to further push up the price. In this case, the price is expected to rise and test the resistance level of $100,000. If it continues to rise, the price may pull back to the level of $102,000.
Is BTC declining again?
If Bitcoin cannot successfully break through the resistance zone of $98,000, it is very likely to trigger another round of downward correction. In terms of downward direction, its direct support level is roughly around $96,500.
The first major support level is around $95,000, while the next support level is currently near the $94,250 area. If the price continues to decline, it may test the support level of $92,000 in the short term.
The following are the relevant technical indicators:
Regarding the hourly MACD (Moving Average Convergence Divergence) - currently, the MACD is showing a deceleration trend in the bearish zone.
On the hourly RSI (Relative Strength Index) level - the RSI value of BTC/USD is now below the level of 50.
The main support levels are sequentially: $96,500 and $95,000.
The main resistance levels are: $98,000 and $98,800.