The price of Bitcoin did not exceed $100,000 and adjusted its gains. BTC has returned to below $96,500 and may revert to the support area of $93,200.

  • Bitcoin has started a new decline from the level of $99,400.

  • The price is trading below $96,500 and the 100-hour simple moving average.

  • There is a breakdown below the bullish trendline connecting the support level of $98,400 on the hourly chart of the BTC/USD pair (data from Kraken).

  • This currency pair could begin to rise if it maintains above the support level of $95,000.

The price of Bitcoin has decreased again

The price of Bitcoin has begun to make a significant upward move at the resistance level of $96,500. BTC has managed to surpass the resistance levels of $97,500 and $98,000.

This currency pair has surpassed the resistance level of $99,000 and is trading near the resistance level of $100,000. A high was formed at $99,400 and the price has recently started to decrease again. There is a move below the support level of $96,500. The price has dropped below the 50% Fib retracement level of the upward wave from the swing low of $92,415 to the high of $99,400.

Additionally, there has been a breakdown below the bullish trendline connecting the support level of $98,400 on the hourly chart of the BTC/USD pair. The price of Bitcoin is currently trading below $96,500 and the 100-hour simple moving average.

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

A clear move above the resistance level of $97,750 could push the price higher. The next significant resistance level could be $99,000. A close above the resistance level of $99,000 could push the price even higher. In the stated case, the price could rise and test the resistance level of $100,000. Any further increases could push the price up to $102,000.

Are there any further losses in BTC?

If Bitcoin does not surpass the resistance area of $96,500, it may continue to go down. Immediate support on the downside is near $95,200.

The first major support level is near $95,000. The next support level is now near the $93,800 area. Any further losses could push the price down to the support level of $92,500 in the near future.

Technical indicators:

  • Hourly MACD – The MACD is currently accelerating in the bearish zone.

  • The hourly relative strength index (RSI) – The RSI for BTC/USD is currently below 50.

  • Major support level – $95,000, followed by $93,800.

  • Major resistance levels – $96,500 and $97,750.