Bitcoin price is correcting gains below the USD 96,500 resistance. BTC is now trading below USD 95,000 and could encounter hurdles near the USD 95,750 resistance.
- Bitcoin started a downward correction from the $98,880 zone.
- The price is trading below $96,000 and the 100 hourly Simple Moving Average.
- There was a break above a short-term bearish trendline with resistance at $94,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start rising again if it breaks the $95,750 resistance zone.
Bitcoin price corrects gains
Bitcoin price struggled to extend gains above the USD 98,800 and USD 99,000 levels. BTC started a downward correction below the USD 97,000 and USD 96,000 levels. It even fell below $95,000.
A low was formed at $92,550 and the price is now rising. There was a move above the $93,800 resistance level. The price crossed the 23.6% Fib retracement level of the downward move from the $98,880 swing high to the $92,550 low.
Additionally, there was a break above a short-term bearish trendline with resistance at $94,200 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $96,000 and the 100 Hourly Simple Moving Average.
On the upside, the price could encounter resistance around the $95,200 level. The first major resistance is around the $95,750 level. It is close to the 50% Fib retracement level of the downward move from the $98,880 swing high to the $92,550 low.
A clear move above the USD 95,750 resistance could push the price higher. The next major resistance could be at USD 97,350. A close above the resistance at $97,350 could lead to more gains. In the said case, the price might rise and test the USD 98,880 resistance level. Any further gains could send the price towards the $100,000 level.
Another dip in BTC?
If Bitcoin fails to rise above the USD 95,750 resistance zone, it could trigger another downside correction. The immediate downside support is near the $93,800 level.
The first major support is near the $92,500 level. The next support is now near the $90,000 zone. Any further losses could send the price towards the USD 88,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 93,800, followed by USD 92,500.
Major resistance levels – $95,750 and $97,350.
