This article is also available in Spanish.
Bitcoin price is struggling to test the $100,000 level. BTC is consolidating and could attempt another increase near the $95,000 support area.
- Bitcoin pared all gains and retested the $95,000 area.
- The price is trading below $96,500 and the 100-hour simple moving average.
- There is a new near-term bearish trendline forming at resistance $96,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- A break above the $96,500 resistance area could provide bullish momentum.
Bitcoin price falls again
Bitcoin price attempted to break the $98,000 resistance zone. However, the bears remained active and BTC pared most of its gains. There was a move below the $96,500 support.
The price also soared below $95,000. The low was formed at $94,450 and the price is currently consolidating losses. There was a slight increase from the $95,200 level. The price tested the 50% Fib retracement level moving down from the $97,396 swing high to the $94,450 low.
Bitcoin price is currently trading below $96,500 and the 100-hour simple moving average. On the other hand, the price may face resistance near $96,250. The hourly chart of the BTC/USD pair also has a new short-term bearish trendline with resistance at $96,250.
The trend line is close to the 61.8% Fib retracement level moving down from the $97,396 swing high to the $94,450 low. The first major resistance is near the $96,800 level. A clear break above the $96,800 resistance could push the price higher.
The next major resistance could be $98,000. A break above the $98,000 resistance could lead to further gains. If indicated, the price could move higher to test the resistance level of $98,800. If more profits are made, the price may rise to the $100,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $96,250 resistance zone, another downward correction could begin. Immediate support for the downside is near the $95,000 level.
The first major support is near the $94,500 level. The next support is now near the $93,200 area. Any more losses could lead the price towards the $91,500 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $95,000, then $94,500.
Key resistance levels – $96,250 and $98,000.