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Bitcoin price failed to cross $100,000 and corrected gains. BTC is back below USD 96,500 and could revisit the USD 93,200 support zone.
- Bitcoin started a new decline from the $99,400 zone.
- The price is trading below $96,500 and the 100 hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $98,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start to rise again if it remains above the $95,000 support zone.
Bitcoin price drops again
Bitcoin price started a decent upward move above the USD 96,500 resistance zone. BTC was able to climb above the USD 97,500 and USD 98,000 resistance levels.
The pair crossed the $99,000 resistance level and traded close to the $100,000 resistance level. It peaked at $99,400 and the price recently started another decline. There was a move below the support at $96,500. The price fell below the 50% Fib retracement level of the upwave from the $92,415 swing low to the $99,400 high.
Moreover, there was a break below a connecting bullish trendline with support at $98,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $96,500 and the 100 hourly Simple Moving Average.
The price is now holding the $95,000 zone and the 61.8% Fib retracement level of the upward wave from the $92,415 swing low to the $99,400 high. On the upside, immediate resistance is around the $96,400 level. The first major resistance is around the $97,750 level.
A clear move above the USD 97,750 resistance could push the price higher. The next major resistance could be at USD 99,000. A close above the USD 99,000 resistance could send the price rising further. In the said case, the price could rise and test the USD 100,000 resistance level. Any further gains could send the price towards the $102,000 level.
Lose more in BTC?
If Bitcoin fails to rise above the $96,500 resistance zone, it could continue to decline. The immediate downside support is near the $95,200 level.
The first major support is near the $95,000 level. The next support is now near the $93,800 zone. Any further losses could send the price towards the USD 92,500 support in the short 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 95,000, followed by USD 93,800.
Major resistance levels – $96,500 and $97,750.
