Bitcoin price started a downward correction below $92,500. BTC is struggling now and could face barriers to another surge near $92,000.
- Bitcoin started a downward correction and traded below the $91,200 zone.
- The price is trading below $91,500 and the 100 hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $92,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it remains below the $92,000 zone.
Bitcoin price attempts recovery
Bitcoin price failed to stay above $93,500 and started a downward correction. BTC fell below USD 93,000 and USD 92,000 to enter a short-term bearish zone.
The price even fell below $91,200 and tested $90,000. A low was formed at $89,225 and the price is now trying to make a new increase. There was a move above $90,500. The price climbed higher to test the 50% Fib retracement level of the recent decline from the $93,770 swing high to the $89,225 low.
Bitcoin is now trading below $92,000 and the 100 hourly Simple Moving Average. Moreover, a bearish trendline is forming with resistance at $92,000 on the hourly chart of the BTC/USD pair.
If the price remains stable above USD 90,300, a new increase can be attempted. The immediate resistance is near the $91,500 level. The first major resistance is near the $92,000 level, the trendline and the 61.8% Fib retracement level of the recent decline from the $93,771 swing high to the $89,225 low.
The next resistance could be $92,800. A close above the USD 92,800 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 93,200 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.
Another drop 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 90,650 level. The first major support is near the $90,300 level.
The next support is now near the $89,250 zone. Any further losses could send the price towards the USD 88,500 support in the short term. The key support is at $87,250, below which BTC could potentially accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 90,650, followed by USD 90,300.
Major resistance levels – $91,500 and $92,000.