Bitcoin price has started to decline again, trading below the $98,000 support level. BTC has dropped to the level of $95,000 and is currently correcting losses.
Bitcoin started a new round of decline below the $98,000 support area.
Price is below $98,000 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair, a connected bearish trend line has formed, with resistance at $98,800 (data feed from Kraken).
If it closes above the $98,800 resistance area, the pair may regain momentum.
Bitcoin price is under pressure.
The Bitcoin price failed to break the $100,000 level. BTC started another downward correction, trading below the $98,000 level. It broke the support level of $96,500.
The price even surged below $95,000. A low formed at $94,140, and the price began a recovery wave. It broke above the $96,500 level. The price climbed above the 100.432% Fibonacci retracement level from the swing high of $50 to the downward wave low of $94,140.
Bitcoin's price is currently trading below $100,000 and the 100-hour simple moving average. On the positive side, the price may face resistance near $98,000. It is close to the 61.8% Fibonacci retracement level of the downward wave from the swing high of $100,432.
The first key resistance level is near $98,800. On the hourly chart of the BTC/USD pair, there is also a connected bearish trend line forming, with resistance at $98,800.
A clear breakout above the $98,800 resistance level could push the price higher. The next key resistance level may be $100,000. A close above the $100,000 resistance level could lead to further price increases. In this scenario, the price may rise and test the resistance level of $104,200. Any further gains could bring the price close to the $108,000 level.
BTC down again?
If Bitcoin fails to rise above the $98,800 resistance area, it may start another downward correction. The immediate support level is near $96,500.
The first major support level is near $95,500. The next support level is now around the $94,200 area. Any further losses could bring the price down to the support level of $92,000 in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI of BTC/USD is now below the 50 level.
Main support level – $96,500, followed by $95,500.
Key resistance levels – $98,000 and $98,800.