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Bitcoin price is consolidating losses below the $95,500 zone. BTC is showing bearish signs and could struggle to recover above the USD 95,800 level.
- Bitcoin started a recovery wave from the $91,150 zone.
- The price is trading below $94,500 and the 100 hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $93,650 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 struggles below $95K
Bitcoin price started a short-term recovery wave above the USD 92,000 resistance. BTC was able to climb above the USD 93,500 and USD 94,000 levels.
The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $102,761 swing high to the $91,168 low. Additionally, there was a break above a connecting bearish trendline with resistance at $93,650 on the hourly chart of the BTC/USD pair.
However, the bears are still active below the USD 95,800 level. Bitcoin price is now trading below $95,000 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is around the $95,000 level.
The first major resistance is around the $95,800 level. A clear move above the USD 95,800 resistance could push the price higher. The next major resistance could be $97,000, or the 50% Fib retracement level of the downward move 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 98,800 resistance level. Any further gains could send the price towards the USD 99,500 level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 95,800 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 – $95,000 and $95,800.