This article is also available in Spanish.
Bitcoin price failed to stay above $100,000. BTC is correcting its gains and may struggle to stay above the $96,000 support area.
- Bitcoin began a new downtrend at the $102,500 resistance zone.
- The price is trading below $100,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the connecting bullish trendline with support at $98,500.
- If it stays above the $95,500 support zone, further upside could begin.
Bitcoin price falls below $100,000
Bitcoin price began a significant uptrend above the $98,500 resistance zone. BTC was able to break above the $99,200 and $100,00 resistance levels. However, it failed to break through the $102,500 resistance zone.
A high was reached at $102,759 and the price began a new downward trend. There was a clear move below the $100,000 support. Moreover, a break occurred connecting the bullish trendline with support at $98,500 on the hourly chart of the BTC/USD pair.
The pair even traded below $96,500. A low was formed at $96,100 and the price is currently consolidating losses below the 23.6% Fib retracement level from the $102,759 swing high to the $96,100 low.
Bitcoin price is currently trading below $98,500 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $97,500 level. The first major resistance is near the $98,500 level. A clear break above the $98,500 resistance could push the price higher.
The next major resistance could be $99,500 or the 50% Fib retracement level of the recent decline from the $102,759 swing high to the $96,100 low. A break above the $99,500 resistance could push the price higher. If indicated, the price could move higher to test the $102,500 resistance level. More profits could push the price higher to the $104,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $97,500 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $96,500 level.
The first major support is near the $96,100 level. The next support is now near the $95,550 area. More losses could push the price towards the $93,500 support in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $96,500, then $95,500.
Key resistance levels – $97,500 and $98,500.