Bitcoin’s price failed to cross $95,500 and fell again. BTC is back below USD 94,500 and could revisit the USD 91,200 support zone.
- Bitcoin started a new decline from the $96,500 zone.
- The price is trading below $95,500 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $92,500 support zone.
Bitcoin price drops again
Bitcoin price started a decent upward move above the USD 93,500 resistance zone. BTC was able to climb above the USD 94,200 and USD 94,500 resistance levels.
The pair crossed the $95,000 resistance level, but upside was limited. The price started declining again and traded below the USD 93,500 level. A low was formed at $92,950 and the price is now consolidating losses. A connecting bearish trendline is forming with resistance at $94,000 on the hourly chart of the BTC/USD pair.
The trendline 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 now trading below $95,000 and the 100 Hourly Simple Moving Average.
On the upside, immediate resistance is around 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 move above the USD 95,000 resistance could push the price higher.
The next major resistance could be at USD 95,500. A close above the USD 95,500 resistance could send the price rising further. In the said case, the price could rise and test the USD 96,500 resistance level. Any further gains could send the price towards the $98,000 level.
Lose more in BTC?
If Bitcoin fails to rise above the $94,500 resistance zone, the price may continue to decline. The immediate downside support 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 zone. Any further losses could send the price towards the USD 91,200 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 93,500, followed by USD 92,500.
Major resistance levels – $94,500 and $95,500.
