Bitcoin price is correcting below the support level of $95,000. The BTC trading price is close to the $90,000 level and is currently consolidating around $92,500.
Bitcoin begins a downward correction below the $95,000 area.
The price is below $94,500 and the 100-hour simple moving average.
A bearish trendline has formed on the hourly chart for the BTC/USD pair, with resistance at $93,500 (data from Kraken).
If the resistance area of $93,500 is broken, the currency pair may start to rise again.
Bitcoin price corrects its gains.
Bitcoin price struggles to maintain its upward momentum and begins a downward correction below $97,500. BTC broke below the levels of $96,000 and $95,000. It even fell below $92,000.
The low formed at $90,736, and the price is currently rising. The price has broken through the $91,800 resistance level. The price has broken above the 23.6% Fibonacci retracement level of the downward trend from the high of $98,880 to the low of $90,736.
The Bitcoin price is currently below $95,000 and the 100-hour simple moving average. On the upside, the price may face resistance around $93,500. A bearish trendline has also formed on the hourly chart for the BTC/USD pair, with resistance at $93,500.
The first key resistance level is around $94,800. It is close to the 50% Fibonacci retracement level of the downward trend from the high of $98,880 to the low of $90,736.
A breakout above the $94,800 resistance level could push the price higher. The next key resistance level could be $95,750. A closing price above the $95,750 resistance level could trigger further gains. In this case, the price may rise and test the resistance at $97,500. Any further increase could push the price towards $98,000.
Is BTC falling again?
If Bitcoin fails to break through the $93,500 resistance area, it may start another downward correction. The immediate support level on the downside is around $91,800.
The first major support level is around $90,500. The next support level is currently near the $90,000 area. If the price falls further, it may drop to the support level of $88,000 in the short term.
Technical Indicators:
Hourly MACD - The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now below the 50 level.
Major support level - $91,800, followed by $90,500.
Major resistance levels - $93,500 and $94,750.