Bitcoin price continues to decline, breaking below the $95,000 area. BTC shows bearish signs and may drop significantly below the $92,000 level.
Bitcoin has dropped below the $95,000 area and is starting to decline again.
The price is below $94,000 and the 100-hour simple moving average.
A key bearish trendline has formed on the hourly chart of the BTC/USD pair, with resistance at $95,000 (data from Kraken).
If the currency pair stays above the support area of $92,000, it may begin a new round of upward movement.
Bitcoin price returns to the support level
Bitcoin price failed to rise again, breaking below the $98,000 area and continuing its decline. BTC has gained bearish momentum below the levels of $96,500 and $95,500.
The price even surged below $92,500. The low was formed at $92,417, and the current price is consolidating losses. The price is slightly above the level of $94,000. The price has risen above the 23.6% Fibonacci retracement level of the downtrend from $99,575 to $92,417.
Bitcoin price is currently below $95,000 and the 100-hour simple moving average. A key bearish trendline has also formed on the hourly chart of the BTC/USD pair, with resistance at $95,000.
From the upside, the direct resistance level is around $95,000. The first key resistance level is around $96,000, which is the 50% Fibonacci retracement level from the high of $99,575 to the low of $92,417. If the resistance at $96,000 is clearly broken, it may push the price higher.
The next key resistance level may be $96,800. A closing price above the resistance level of $96,800 may further push the price higher. In this scenario, the price may rise and test the resistance level of $97,500. If it rises again, the price may fall to the level of $98,000.
Are there still many downsides for BTC?
If Bitcoin fails to break through the $95,000 resistance area, it may continue to decline. Direct support on the downside is around $92,400.
The first major support level is around $92,000. The next support level is currently near $91,200. If the price drops further, it may fall 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.
Key resistance levels - $95,000 and $96,000.
