The Bitcoin price did not remain higher than $94,000. BTC is now gaining a bearish pace and could fall further below $89,500.
- Bitcoin started a downward correction from the $94,500 zone.
- The price is trading below $92,000 and the 100 hourly Simple Moving Average.
- There was a break below a bullish trendline with support at $91,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it crosses below the $89,500 zone.
Bitcoin price drops again
Bitcoin price failed to gain momentum for a move above the USD 94,000 and USD 94,500 levels. BTC initiated a downward correction and traded below the USD 92,000 support.
There was a clear move below the 50% Fib retracement level of the upward move from the $87,777 swing low to the $94,583 high. Moreover, there was a break below a bullish trendline with support at $91,600 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $91,200 and the 100 hourly Simple Moving Average. The price is now approaching the $89,500 support and the 76.4% Fib retracement level of the upward move from the $87,777 swing low to the $94,583 high.
If the bulls remain in action, the price may try to rise again. The immediate resistance is near the $91,200 level. The first major resistance is near the $91,500 level. The next resistance could be $92,000. A close above the USD 92,000 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 92,850 resistance. Any further gains could send the price towards the USD 93,500 level. The next barrier for the bulls could be $94,000 and $94,500.
Lose more in BTC?
If Bitcoin fails to rise above the USD 92,000 resistance zone, it could trigger another decline. The immediate support is near the USD 89,500 level. The first major support is near the $88,800 level.
The next support is now near the $87,750 zone. Any further losses could send the price towards the USD 86,500 support in the short term. The key support is at $85,000, below which BTC could potentially accelerate lower 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 89,500, followed by USD 88,800.
Major resistance levels – $91,200 and $92,000.