The price of Bitcoin continues to decline, breaking below the $100,000 range. BTC is struggling and may continue to fall towards the support area of $92,000.
Bitcoin has started to decline again from the $102,000 resistance area.
The price is below $102,000 and the 100-hour simple moving average.
A key bearish trendline has formed on the hourly chart for BTC/USD, with resistance at $98,500 (data from Kraken).
If the currency pair holds above the support area of $95,500, it may begin a new round of increases.
The price of Bitcoin continues to decline.
The price of Bitcoin failed to rise again, breaking below the $102,000 range, continuing the downward trend. BTC has gained bearish momentum below the $100,000 and $98,000 levels.
The price even briefly fell below $96,500. The low was formed at $95,586, and the current price is consolidating the decline. A key bearish trendline has also formed on the hourly chart for BTC/USD, with resistance at $98,500.
The price of Bitcoin is currently below $102,000 and the 100-hour simple moving average. On the upside, the price may face resistance around $98,500. It is close to the 23.6% Fibonacci retracement level of the downward move from the high of $108,295 to the low of $95,586.
The first key resistance level is around $100,000. If there is a significant breakout above the $100,000 resistance level, the price may rise. The next key resistance level could be $102,000. If the closing price is above the $102,000 resistance level, the price may rise further.
In the above scenario, the price may rise and test the resistance level of $103,400 or the 61.8% Fibonacci retracement level of the downward move from the high of $108,295 to the low of $95,586. If it rises further, the price may drop to the level of $105,000.
Are there still many downsides for BTC?
If Bitcoin fails to break through the resistance area of $98,500, it may continue to decline. The immediate support level on the downside is around $96,200.
The first major support level is around $95,500. The next support level is currently around the $93,200 range. If the price declines further, it may drop to the support level of $92,000 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.
Major support levels - $95,500, followed by $93,200.
Major resistance levels - $98,500 and $100,000.
