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Bitcoin price failed to exceed $100,000 and corrected its upward trend. BTC is back below $96,500 and may revisit the $93,200 support zone.
- Bitcoin began a new downtrend in the $99,400 range.
- The price is trading below $96,500 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 $98,400.
- If it stays above the $95,000 support zone, further upside could begin.
Bitcoin price falls again
Bitcoin price began a significant uptrend above the $96,500 resistance zone. BTC was able to break above the $97,500 and $98,000 resistance levels.
The pair cleared the $99,000 resistance and was trading near the $100,000 resistance. The all-time high was set at $99,400 and the price recently began a new downward trend. There was a move below the $96,500 support level. The price fell below the 50% Fib retracement level of the bullish wave from the $92,415 swing low to the $99,400 high.
Moreover, on the hourly chart of the BTC/USD pair, a break occurred below the connecting bullish trendline with support at $98,400. Bitcoin price is currently trading below $96,500 and the 100-hour simple moving average.
The price is currently maintaining the $95,000 area and the 61.8% Fib retracement level of the upward wave from $92,415 to $99,400. On the other hand, immediate resistance is close to the $96,400 level. The first major resistance is near the $97,750 level.
A clear break above the $97,750 resistance could push the price higher. The next major resistance could be $99,000. A break above the $99,000 resistance could push the price higher. If indicated, the price could move higher and test the $100,000 resistance level. More profits could push the price higher to the $102,000 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $96,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $95,200 level.
The first major support is near the $95,000 level. The next support is now near the $93,800 area. Any more losses could lead the price towards the $92,500 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 – $95,000, $93,800.
Key resistance levels – $96,500 and $97,750.