Bitcoin price continues to decline and trades below the $100,000 zone. BTC is struggling and could continue to decline to the $92,000 support zone.

  • Bitcoin started a fresh decline from the $102,000 resistance zone.

  • The price is trading below the $102,000 level and the 100 hourly simple moving average.

  • There is a key bearish trend line forming with resistance at $98,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could start a bullish reversal if it sustains above the $95,500 support zone.

Bitcoin Price Continues to Fall

Bitcoin price failed to rise further and continued to fall below $102,000. BTC had a bearish momentum below $100,000 and $98,000.

The price even spiked below $96,500. A low was formed at $95,586 and the price is currently consolidating losses. There is also a key bearish trend line forming with resistance at $98,500 on the hourly chart of the BTC/USD pair.

Bitcoin price is currently trading below $102,000 and the 100 hourly simple moving average. On the upside, the price could face resistance near $98,500. It is close to the 23.6% Fib retracement level of the downward move from the $108,295 high to $95,586 low.

The first key resistance level is near $100,000. A clear move above the $100,000 resistance level could push the price higher. The next key resistance level could be $102,000. A close above the $102,000 resistance level could push the price higher.

In the above scenario, the price could rise and test the $103,400 resistance or the 61.8% Fib retracement level of the downward move from the $108,295 high to $95,586 low. Any further gains could take the price towards $105,000.

Are There More Disadvantages In BTC?

If Bitcoin fails to clear the $98,500 resistance zone, it could continue to decline. Immediate support on the downside is near the $96,200 level.

The first major support level is near the $95,500 level. The next support level is now near the $93,200 area. Any further losses could push the price towards the $92,000 support level in the near term.

Technical indicators:

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

  • Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is currently below the 50 level.

  • Major support level – $95,500, followed by $93,200.

  • Major resistance levels – $98,500 and $100,000.

DYOR! #Write2Win #Write&Earn $BTC