Bitcoin's price failed to break through $100,000 and corrected its gains. BTC has fallen back below $96,500 and may return to the support area of $93,200.
Bitcoin has started to decline again from the $99,400 area.
The price is below $96,500 and the 100-hour simple moving average.
On the hourly chart for the BTC/USD pair (data from Kraken), it has broken below the connecting bullish trend line, with support at $98,400.
If the currency pair stays above the support area of $95,000, it may start to rise again.
Bitcoin's price has declined again.
Bitcoin's price has started to rise significantly above the resistance area of $96,500. BTC is able to climb above the resistance levels of $97,500 and $98,000.
The currency pair has broken through the resistance level of $99,000 and is approaching the resistance level of $100,000. The price formed a high at $99,400 and has recently started to decline. The price has fallen below the support level of $96,500. The price has broken below the 50% Fibonacci retracement level of the upward wave from the swing low of $92,415 to the swing high of $99,400.
Additionally, on the hourly chart for BTC/USD, it has broken below the connecting bullish trend line, with support at $98,400. The Bitcoin price is currently below $96,500 and the 100-hour simple moving average.
The current price remains in the $95,000 range and at the 61.8% Fibonacci retracement level of the upward wave from the swing low of $92,415 to the swing high of $99,400. On the upside, direct resistance is around $96,400. The first key resistance level is around $97,750.
A clear break above the resistance level of $97,750 could push the price higher. The next key resistance level could be $99,000. A closing price above the resistance level of $99,000 may further push the price higher. In that case, the price could rise and test the resistance level of $100,000. If it rises further, the price may drop to the level of $102,000.
BTC losses more?
If Bitcoin fails to break through the resistance area of $96,500, it may continue to decline. The direct support level on the downside is around $95,200.
The first major support level is around $95,000. The next support level is currently near the $93,800 area. If the price falls further, it could drop to the support level of $92,500 in the short term.
Technical Indicators:
Hourly MACD - The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now below the 50 level.
Main support level - $95,000, followed by $93,800.
Main resistance levels - $96,500 and $97,750.