Bitcoin price found support near USD 88,500. BTC is now correcting some losses but faces many hurdles near USD 92,500 and USD 93,500.
- Bitcoin started a new decline below $93,000 and $92,500.
- The price is trading below $93,000 and the 100 hourly Simple Moving Average.
- A 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 continue to decline if it falls below the $90,000 zone.
Bitcoin price faces hurdles
Bitcoin price failed to remain in a positive zone above the USD 92,000 level. BTC bears remained active below $92,000 and pushed the price down.
The bears gained strength and were able to push the price below the $89,500 zone. A low was formed at $88,570, and the price is now trying to make a recovery wave. There was a move above the 50% Fib retracement level of the recent decline, from the $93,747 swing high to the $88,570 low.
Bitcoin is now trading below $93,000 and the 100 hourly Simple Moving Average. Furthermore, a bearish trendline is forming with resistance at $93,500 on the hourly chart of the BTC/USD pair.
If the bulls attempt another recovery wave, the price may face resistance near the $92,500 level and the 76.4% Fib retracement level from the recent decline from the $93,747 swing high to the $88,570 low. The first major resistance is near the $93,500 level and trendline.
The next resistance could be $93,750. A close above the resistance at $93,750 could send the price higher. In the mentioned case, the price could rise and test the USD 94,500 resistance. Any further gains could send the price towards the $95,000 level. The next threshold for the bulls could be $95,500 and $96,200.
Another drop in BTC?
If Bitcoin fails to rise above the USD 93,500 resistance zone, it could trigger another decline. The immediate support is near the $91,150 level. The first major support is near the $90,500 level.
The next support is now near the $90,000 zone. Any further losses could send the price towards the USD 88,500 support in the short term. The key support is at $86,500, below which BTC may accelerate further in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 91,150, followed by USD 90,500.
Major resistance levels – $92,500 and $93,500.