Bitcoin price continues to decline, falling below the $100,000 region. BTC shows bearish signs and may continue to drop towards the support area of $91,200.
Bitcoin has started to drop again from the $100,000 resistance area.
The price is below $98,000 and the 100-hour simple moving average.
On the hourly chart of BTC/USD, a key bearish trend line has formed, with resistance at $95,850 (data from Kraken).
If the currency pair stays above the support area of $92,000, it may start a new round of upward movement.
Bitcoin price has dropped again.
Bitcoin price failed to rise again, falling below the $100,000 region, continuing the downtrend. BTC gained bearish momentum below the levels of $98,000 and $96,500.
The price even fell below $92,250 at one point. A low was formed at $92,159 before a wave of recovery appeared. However, bears were active near $100,000. A high was formed at $99,575, after which the price began to decline. The trading price is below $96,500.
The 50% Fibonacci retracement level of the recovery wave from the low of $92,159 to the high of $99,575 has clearly broken down. A key bearish trend line has also formed on the hourly chart of BTC/USD, with resistance at $95,850.
Bitcoin price is currently below $98,000 and the 100-hour simple moving average. It is also testing the 76.4% Fibonacci retracement level of the recovery wave from the swing low of $92,159 to the swing high of $99,575.
From the upside perspective, the direct resistance level is around $95,000. The first key resistance level is around $95,850. If it can clearly break through the resistance level of $95,850, it may push the price higher. The next key resistance level may be $97,800. If the closing price is above the resistance level of $97,800, it may further push the price higher.
In the above scenario, the price may rise and test the resistance level of $98,500. If it rises further, the price could reach the level of $100,000.
Does BTC still have a lot of downside?
If Bitcoin fails to break through the resistance area of $95,850, it may continue to decline. The direct support level on the downside is around $93,800.
The first major support level is around $92,500. The next support level is currently near the $91,200 area. If the price declines further, it may drop to the support level of $90,000 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.
Main support level - $92,500, followed by $91,200.
Main resistance levels - $95,850 and $97,800.
