Bitcoin price found support near USD 89,250. BTC is now correcting some losses but faces many hurdles near USD 93,500 and USD 94,200.
- 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 $94,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it falls below the $90,700 zone.
Bitcoin price attempts recovery
Bitcoin price failed to remain in a positive zone above the USD 92,500 level. BTC bears remained active below $92,500 and pushed the price down.
The bears became stronger and were able to push the price below the $90,000 zone. A low was formed at $89,252, and the price is now trying to make a recovery wave. There was a move above the 50% Fib retracement level from the recent decline from the $95,888 swing high to the $89,252 low.
Bitcoin is now trading below $94,000 and the 100 hourly Simple Moving Average. Moreover, a bearish trendline is forming with resistance at $94,200 on the hourly chart of the BTC/USD pair.
If the bulls attempt another recovery wave, the price could face resistance near the $93,350 level and the 61.8% Fib retracement level from the recent decline from the $95,888 swing high to the $89,252 low. The first major resistance is near the $94,200 level and trendline.
The next resistance could be $95,000. A close above the USD 95,000 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 95,500 resistance. Any further gains could send the price towards the USD 96,500 level. The next threshold for the bulls could be $96,800 and $97,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 94,200 resistance zone, it could trigger another decline. Immediate support is near the $91,500 level. The first major support is near the $90,700 level.
The next support is now near the $90,000 zone. Any further losses could send the price towards the USD 88,800 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 91,500, followed by USD 90,700.
Major resistance levels – $93,250 and $94,200.