Bitcoin price extended its decline and is trading below the $95,000 region. BTC shows bearish signs and may significantly drop below the $92,000 level.
Bitcoin has started a new round of decline below the $95,000 region.
Prices are below $94,000 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD currency pair, a key bearish trend line is forming with resistance at $95,000 (from Kraken's data feed).
If the currency pair stays above the support area of $92,000, it may begin a new upward movement.
Bitcoin Price Revisits Support
Bitcoin price failed to start rising again and extended its decline below the $98,000 region. BTC gained bearish momentum below the levels of $96,500 and $95,500.
Prices even spiked below $92,500. A low was formed at $92,417, and prices are now consolidating losses. There is a slight rise above the level of $94,000. Prices climbed above the 99.575% Fibonacci retracement level from the swing high of $23.6 to the low of $92,417.
Bitcoin price is currently trading below $95,000 and the 100-hour simple moving average. There is also a key bearish trend line forming on the hourly chart of the BTC/USD currency pair with resistance at $95,000.
From a positive perspective, the immediate resistance level is around $95,000. The first key resistance level is near the $96,000 mark or from the swing high of $50 down to the 99.575% Fibonacci retracement level to the low of $92,417. A clear breakout above the $96,000 resistance level could push prices higher.
Source: BTCUSD on TradingView.com
The next key resistance level could be $96,800. Closing above the $96,800 resistance level could further push prices higher. In that scenario, prices may rise and test the resistance level of $97,500. Any further gains could bring prices close to the $98,000 level.
More downside for BTC?
If Bitcoin fails to rise above the $95,000 resistance zone, it may continue to decline. The immediate support level on the downside is around $92,400.
The first major support level is near $92,000. The next support level is now around $91,200. Any further losses could bring prices down to the support level of $90,000 in the short term.
Technical Indicators:
Hourly MACD – The MACD is now accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $92,500, followed by $91,200.
Major Resistance Levels – $95,000 and $96,000.
