Bitcoin price extended losses and traded below the $93,500 area. BTC is correcting its gains and may struggle to recover above the $95,000 level.
- Bitcoin began a new decline at the $95,500 resistance zone.
- The price is trading below $95,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trend line tying with resistance at $93,500.
- If it stays above the $91,200 support zone, it could start a further rise.
Bitcoin price turns red below $95,000.
Bitcoin price failed to begin a recovery above the $95,500 resistance level. BTC remained in bearish territory for the short-term and losses extended below the $93,500 level.
There was a clear move below the $92,000 support. The price was also traded below $91,200. A low was formed at $91,168 and the price is currently consolidating losses below the 23.6% Fib retracement level from the $102,761 swing high to the $91,168 low.
Bitcoin price is currently trading below $95,000 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $93,500 level. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $93,500.
The first major resistance is near the $95,000 level. A clear break above the $95,000 resistance could push the price higher. The next major resistance could be $97,000 or the 50% Fib retracement level of the recent decline from the $102,761 swing high to the $91,168 low.
A break above the $97,000 resistance could push the price higher. If indicated, the price could move higher to test the $98,000 resistance level. More profits could push the price higher to the $98,800 level.
Another drop in BTC?
If Bitcoin fails to rise above the $95,000 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $92,500 level.
The first major support is near the $92,000 level. The next support is now near the $91,200 area. Any more losses could lead the price towards the $90,000 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 – $92,500, $91,200.
Key resistance levels – $93,500 and $95,000.