Bitcoin price failed to exceed $95,500 and fell again. BTC is back below $94,500 and may revisit the $91,200 support zone.
- Bitcoin began a new downtrend in the $96,500 range.
- The price is trading below $95,500 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 $94,000.
- If it stays above the $92,500 support, it could start a further rise.
Bitcoin price falls again
Bitcoin price began a significant uptrend above the $93,500 resistance zone. BTC was able to break above the $94,200 and $94,500 resistance levels.
The pair broke the $95,000 resistance level, but the upside was limited. The price began another decline, trading below the $93,500 level. The low was formed at $92,950 and the price is currently consolidating losses. On the hourly chart of the BTC/USD pair, there is a bearish trend line connecting with resistance at $94,000.
The trend line is close to the 23.6% Fib retracement level of the recent decline from the $97,308 swing high to the $92,950 low. Bitcoin price is currently trading below $95,000 and the 100-hour simple moving average.
Meanwhile, immediate resistance is close to the $94,000 level. The first major resistance is near the $95,000 level or the 50% Fib retracement level of the recent decline from the $97,308 swing high to the $92,950 low. A clear break above the $95,000 resistance could push the price higher.
The next major resistance could be $95,500. A break above the $95,500 resistance could push the price higher. If indicated, the price could move higher to test the $96,500 resistance level. If more profits are made, the price could rise to the $98,000 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $94,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $93,500 level.
The first major support is near the $92,800 level. The next support is now near the $92,500 area. Any more losses could lead the price towards the $91,200 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 – $93,500, then $92,500.
Key resistance levels – $94,500 and $95,500.