The Bitcoin price failed to break $100,000 and corrected its gains. BTC fell below $96,500 and may return to the support area of $93,200.
Bitcoin has started to decline again from the $99,400 area.
The price is below $96,500 and the 100-hour simple moving average.
On the hourly chart for the BTC/USD pair (data from Kraken), it has broken the connecting bullish trend line, with a support level at $98,400.
If the currency pair remains above the support area of $95,000, it may start to rise again.
The Bitcoin price has fallen again.
The Bitcoin price has started to rise steadily above the resistance zone of $96,500. BTC is capable of climbing above the resistance levels of $97,500 and $98,000.
The currency pair broke the resistance level of $99,000 and approached the resistance level of $100,000. The price formed a high at $99,400 and has recently started to decline. The price has fallen below the support level of $96,500. The price has broken 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 for BTC/USD, it has broken the connecting bullish trend line, with a support level at $98,400. The Bitcoin price is currently below $96,500 and the 100-hour simple moving average.
The current price is maintained 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 direct resistance level is around $96,400. The first key resistance level is around $97,750.
A clear breakout above the resistance level of $97,750 could push the price higher. The next key resistance level may be $99,000. A closing price above the resistance level of $99,000 may further increase the price. In this case, the price could rise and test the resistance level of $100,000. If it rises further, the price may drop to the level of $102,000.
Will BTC's losses be even greater?
If Bitcoin fails to break the resistance zone of $96,500, it may continue to decline. The direct 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 $93,800 area. If the price declines further, it may drop to the support level of $92,500 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 level of 50.
Major support levels - $95,000, followed by $93,800.
Major resistance levels - $96,500 and $97,750.