The price of Bitcoin continues its downward trend, falling below the $100,000 area. BTC shows bearish signs and may continue to fall towards the support area of $91,200.
Bitcoin has started to fall again from the resistance area of $100,000.
The price is below $98,000 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair, 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 begin a new round of upward movement.
The price of Bitcoin has fallen again.
The price of Bitcoin failed to rise again, falling below the $100,000 area and continuing its downward trend. BTC gained bearish momentum below the levels of $98,000 and $96,500.
The price even briefly fell below $92,250. Before a recovery wave appeared, the price formed a low at $92,159. However, bears are active near $100,000. The price formed a high at $99,575 and then began to fall again. Trading prices are below $96,500.
From a low of $92,159 to a high of $99,575, the 50% Fibonacci retracement level of the recovery wave has clearly fallen below. A key bearish trend line has also formed on the hourly chart of the BTC/USD pair, with resistance at $95,850.
The price of Bitcoin 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.
On the upside, direct resistance is near $95,000. The first key resistance is around $95,850. If the resistance at $95,850 is clearly broken, it may push the price higher. The next key resistance could be $97,800. If the closing price is above the resistance at $97,800, it may further push the price higher.
In this scenario, the price may rise and test the resistance level of $98,500. If it rises further, the price could increase to the level of $100,000.
Are there still many downsides for BTC?
If Bitcoin fails to break through the resistance area of $95,850, it may continue to fall. 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 area of $91,200. If the price falls 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 of BTC/USD is now below the 50 level.
Major support levels - $92,500, followed by $91,200.
Major resistance levels - $95,850 and $97,800.
