$BTC #BTC
Bitcoin price extended its decline and fell below the $95,000 area. BTC is showing bearish signs and it could fall sharply below the $92,000 level.
Bitcoin fell below the $95,000 area and started to decline again.
The price is trading below $94,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance at $95,000 on the hourly chart of the BTC/USD pair (data source from Kraken).
If the pair stays above the $92,000 support area, it could start a fresh increase.
Bitcoin price revisits support level
Bitcoin price failed to rise again and it declined below the $98,000 area, extending its decline. BTC gained bearish momentum below the $96,500 and $95,500 levels.
The price even spiked below $92,500. A low was formed at $92,417 and the price is currently consolidating losses. The price is trading just above the $94,000 level. The price climbed above the 23.6% Fibonacci retracement level of the down move from the $99,575 high to $92,417 low.
Bitcoin price is currently trading below $95,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance at $95,000 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near $95,000. The first key resistance is near $96,000, which is the 50% Fibonacci retracement level of the downward move from the $99,575 high to $92,417 low. A clear break above the $96,000 resistance level is likely to push the price higher.
The next key resistance could be $96,800. A close above the $96,800 resistance could push the price further up. In such a case, the price could rise and test the $97,500 resistance. If it rises further, the price could drop to the $98,000 level.
Does BTC still have many shortcomings?
If bitcoin fails to clear the $95,000 resistance zone, it is likely to continue its decline. An immediate support on the downside is near $92,400.
The first major support is near the $92,000 level. The next support is currently near the $91,200 area. If the price declines further, it could drop to the $90,000 support level in the near 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.
The main support level – $92,500, followed by $91,200.
Major Resistance Levels – $95,000 and $96,000.
