Bitcoin price takes another hit: bears strengthen control

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The Bitcoin price started a steady increase above the $96,500 resistance area. BTC was able to climb above the $97,500 and $98,000 resistance levels.

The pair broke the $99,000 resistance level and approached the $100,000 resistance level. The price formed a high at $99,400 and recently started a decline again. The price fell below the $96,500 support level. The price fell below the 50% Fibonacci retracement level of the upward wave from the $92,415 swing low to $99,400 high.

Moreover, there was a break above the connecting bullish trend line with support at $98,400 on the hourly chart of the BTC/USD pair. Bitcoin price is currently trading below $96,500 and the 100 hourly simple moving average.

The price is currently holding above the $95,000 area and the 61.8% Fibonacci retracement level of the upward wave from the $92,415 swing low to $99,400 high. On the upside, an immediate resistance is near $96,400. The first key resistance is near $97,750.

A clear break above the $97,750 resistance is likely to push the price higher. The next key resistance is likely to be $99,000. A close above the $99,000 resistance is likely to push the price higher. In this case, the price is likely to rise and test the $100,000 resistance. If it rises again, the price could drop to the $102,000 level.

If bitcoin fails to clear the $96,500 resistance zone, it is likely to continue its decline. An immediate support on the downside is near $95,200.

The first major support is near $95,000. The next support is currently near the $93,800 area. If the price declines further, it could drop to the $92,500 support in the near term.

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.

The major support is $95,000, followed by $93,800.

The major resistance is $96,500 and $97,750.

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