Bitcoin price started a new decline from $92,000. BTC is down more than 5% and the bulls are struggling to keep the price above $86,500.
- Bitcoin started a new decline below the $90,000 zone.
- The price is trading below $88,000 and the 100 hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $89,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it crosses below the $86,500 zone.
Bitcoin price drops again
Bitcoin price failed to move above the USD 92,000 resistance zone and started a new decline. BTC fell sharply below USD 90,500 and USD 90,000.
There was a break below a key bullish trendline with support at $89,500 on the hourly chart of the BTC/USD pair. The pair even peaked below $87,500. A low was formed at $86,500 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $91,928 swing high to the $86,500 low.
Bitcoin is now trading below $90,000 and the 100 hourly Simple Moving Average. If the bulls remain in action, the price may try to rise again. Immediate resistance is near the $87,850 level. The first major resistance is near the $89,200 level or the 50% Fib retracement level of the downward move from the $91,928 swing high to the $86,500 low.
The next resistance could be $89,500. A close above the resistance at $89,500 could send the price higher. In the mentioned case, the price could rise and test the USD 90,650 resistance. Any further gains could send the price towards the USD 91,500 level. The next barrier for the bulls could be $92,000 and $92,500.
Lose more in BTC?
If Bitcoin fails to rise above the USD 87,800 resistance zone, it could trigger another decline. Immediate support is near the $86,500 level. The first major support is near the $86,000 level.
The next support is now near the $85,500 zone. Any further losses could send the price towards the USD 83,500 support in the short term. The key support is at $82,200, below which BTC may accelerate further in the near 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 86,500, followed by USD 86,000.
Major resistance levels – $87,800 and $89,200.