Bitcoin price started a new decline below $89,500. BTC is consolidating losses and could attempt a recovery wave if it clears $92,000.
- Bitcoin started to fall again below $90,000 and $89,000.
- The price is trading below $90,500 and the 100 hourly Simple Moving Average.
- Two bearish trendlines are forming with resistance at $90,300 and $93,000 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 drops to new weekly lows
Bitcoin price failed to stay above the $91,000 support and started a new decline. BTC fell sharply below the USD 90,000 and USD 89,500 support levels.
The bears even pushed the price below $88,000. A low was formed at $87,200, and the price is now consolidating losses. There was a small rebound above $89,200 and the 23.6% Fib retracement level from the recent decline from the $95,475 swing high to the $87,200 low.
Bitcoin is now trading below $90,500 and the 100 hourly Simple Moving Average. If the price remains stable above $88,000, another increase can be attempted. The immediate resistance is near the $90,500 level. Furthermore, two bearish trendlines are forming with resistance at $90,300 and $93,000 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $91,000 level. The next resistance could be $91,350, or the 50% Fib retracement level from the recent decline from the $95,475 swing high to the $87,200 low. A close above the resistance at $91,350 could send the price higher. In the mentioned case, the price could rise and test the USD 93,000 resistance. Any further gains could send the price towards the USD 94,000 level. The next barrier for the bulls could be $95,000 and $95,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 91,350 resistance zone, it could trigger another decline. The immediate support is near the $89,150 level. The first major support is near the $88,000 level.
The next support is now near the $87,200 zone. Any further losses could send the price towards the USD 86,500 support in the short term. The key support is at $85,500, below which BTC could potentially accelerate lower 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 – $89,150, followed by $88,000.
Major resistance levels – $91,350 and $92,000.