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Bitcoin price fell sharply from the high of $104,015 and fell below $95,000. BTC is now recovering losses and facing hurdles near $99,000.
- Bitcoin started a big decline after hitting a new all-time high at $104,015.
- The price is trading above USD 97,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could regain strength if it closes above the important $100,000 milestone.
Bitcoin price recovers losses
Bitcoin price started to rise again above the USD 98,500 resistance zone. BTC was able to break the USD 99,500 and USD 100,000 resistance levels. The bulls even pumped it to a new record high.
It peaked at $104,015 and the price underwent a major downward correction. There was a decline below the $100,000 and $95,000 levels. The price tested the $92,000 zone. A low was formed at $91,800 and the price is now recovering losses.
There was a move above the 50% Fib retracement level of the downward move from the $104,015 swing high to the $91,800 low. Bitcoin price is now trading above $97,500 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support at $96,000 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $99,360 level or the 61.8% Fib retracement level of the downward move from the $104,015 swing high to the $91,800 low. The first major resistance is near the $100,000 level. A clear move above the USD 100,000 resistance could push the price higher.
The next major resistance could be at $102,000. A close above the $102,000 resistance could send the price higher. In the said case, the price could rise and test the USD 104,000 resistance level. Any further gains could send the price towards the $108,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $100,000 resistance zone, it could trigger another downside correction. The immediate downside support is near the $97,000 level.
The first major support is near the $96,000 level. The next support is now near the $95,000 zone. Any further losses could send the price towards the USD 92,000 support 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 97,000, followed by USD 96,000.
Major resistance levels – $100,000 and $102,000.