Bitcoin price failed to recover above $95,000. BTC is down more than 4% and there are chances of more downside below $90,000.
- Bitcoin started a new decline below $94,000 and $93,500.
- The price is trading below $93,000 and the 100 hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $95,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it crosses below the $91,500 zone.
Bitcoin price continues to weaken
Bitcoin price failed to remain in a positive zone above the USD 93,500 pivot level. BTC bears remained active below $93,500 and pushed the price lower.
The bears gained strength and were able to push the price below the $92,000 zone. A low was formed at $90,700 and the price is now showing bearish signs below the 23.6% Fib retracement level from the recent decline from the $95,888 swing high to the $90,700 low.
Bitcoin is now trading below $92,000 and the 100 hourly Simple Moving Average. Moreover, a bearish trendline is forming with resistance at $95,850 on the hourly chart of the BTC/USD pair.
If the bulls attempt another recovery wave, the price may encounter resistance near the USD 92,500 level. The first major resistance is near the $93,250 level and the 50% Fib retracement level of the recent decline from the $95,888 swing high to the $90,700 low.
The next resistance could be $93,800. A close above the resistance at $93,800 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 USD 95,500 level. The next threshold for the bulls could be $95,800 and $96,500.
Lose more in BTC?
If Bitcoin fails to rise above the USD 93,500 resistance zone, it could trigger another decline. Immediate support is near the $90,800 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 88,000 support in the near 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 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 90,500, followed by USD 90,000.
Major resistance levels – $92,500 and $95,800.