Bitcoin price extended losses and traded below the $93,500 zone. BTC is correcting gains and could struggle to recover above the USD 95,000 level.
- Bitcoin started a new decline from the USD 95,500 resistance zone.
- The price is trading below $95,000 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $93,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $91,200 support zone.
Bitcoin price turns red below $95K
Bitcoin price failed to initiate a recovery wave above the USD 95,500 resistance. BTC remained in a bearish zone in the short term and extended losses below the USD 93,500 level.
There was a clear move below the $92,000 support zone. The price even traded below $91,200. A low was formed at $91,168 and the price is now consolidating losses below the 23.6% Fib retracement level from the recent decline from the $102,761 swing high to the $91,168 low.
Bitcoin price is now trading below $95,000 and the 100 Hourly Simple Moving Average. On the upside, immediate resistance is around the $93,500 level. A connecting bearish trendline is also forming with resistance at $93,500 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $95,000 level. A clear move above the USD 95,000 resistance could push the price higher. The next major resistance could be $97,000, or the 50% Fib retracement level from the recent decline from the $102,761 swing high to the $91,168 low.
A close above the USD 97,000 resistance could send the price rising further. In the said case, the price could rise and test the USD 98,000 resistance level. Any further gains could send the price towards the USD 98,800 level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 95,000 resistance zone, it could start a new decline. The immediate downside support is near the USD 92,500 level.
The first major support is near the $92,000 level. The next support is now near the $91,200 zone. Any further losses could send the price towards the $90,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 92,500, followed by USD 91,200.
Major resistance levels – $93,500 and $95,000.
