Bitcoin price is correcting the gains below the resistance level of $96,500. The current trading price of BTC is below $95,000 and may face obstacles near the resistance level of $95,750.
Bitcoin is starting a downward correction from the $98,880 region.
Price is below $96,000 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair, a short-term bearish trendline has been broken, with resistance at $94,200 (data feed from Kraken).
If the resistance area of $95,750 is broken, the currency pair may start rising again.
Bitcoin price correction increase
Bitcoin price is struggling to extend gains above $98,800 and $99,000. BTC started a downward correction below the levels of $97,000 and $96,000. It even fell below $95,000.
A low was formed at $92,550, and the price is now rising. Resistance at $93,800 has been broken. The price cleared the 98.880% Fibonacci retracement level from the swing high of $23.6 down to the low of $92,550.
Additionally, on the hourly chart of the BTC/USD pair, a short-term bearish trendline has been broken, with resistance at $94,200. The Bitcoin price is now trading below $96,000 and the 100-hour simple moving average.
On the positive side, the price may face resistance around $95,200. The first key resistance level is around $95,750. It is close to the 98.880% Fibonacci retracement level from the swing high of $50 down to the low of $92,550.
A clear breakthrough of the resistance level at $95,750 could drive the price higher. The next key resistance level could be $97,350. A close above the resistance level of $97,350 could trigger more gains. In that case, the price may rise and test the resistance level of $98,880. Any further gains could bring the price close to the $100,000 level.
Is BTC dropping again?
If Bitcoin fails to rise above the resistance area of $95,750, it may begin another downward correction. The immediate support level downwards is near $93,800.
The first major support level is around $92,500. The next support level is now near the $90,000 region. Any further losses could briefly push the price down to the support level of $88,000.
Technical indicators:
Hourly chart MACD - The MACD is now accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now below the 50 level.
Major support levels - $93,800, followed by $92,500.
Major resistance levels - $95,750 and $97,350.