Bitcoin price has declined again
Bitcoin price has started to rise steadily above the resistance area of $96,500. BTC is able to climb above the resistance levels of $97,500 and $98,000.
The currency pair has broken through the resistance level of $99,000 and is approaching the resistance level of $100,000. The price formed a peak at $99,400 and has recently started to decline again. The price has dropped below the support level of $96,500. The price has broken below the 50% Fibonacci retracement level of the upward wave from the swing low of $92,415 to the high of $99,400.
Additionally, on the hourly chart of the BTC/USD pair, it has broken the connecting bullish trend line, with support at $98,400. The Bitcoin price is currently below $96,500 and the 100-hour simple moving average.
The current price remains in the $95,000 area and at the 61.8% Fibonacci retracement level of the upward wave from the swing low of $92,415 to the high of $99,400. On the upside, the immediate resistance level is around $96,400. The first key resistance level is around $97,750.
A significant breakthrough at the resistance level of $97,750 may drive prices higher. The next key resistance level may be $99,000. A close above the $99,000 resistance level could further push prices higher. In this case, prices may rise and test the resistance at $100,000. If it continues to rise, prices may reach $102,000.
Will BTC's losses be even greater?
If Bitcoin fails to break through the resistance area of $96,500, it may continue to decline. The immediate support level on the downside is around $95,200.
The first major support level is around $95,000. The next support level is currently near the area of $93,800. If prices continue to decline, it may drop to the support level of $92,500 in the short term.