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Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and could continue to decline towards the $92,000 support zone.
- Bitcoin started a new decline from the $102,000 resistance zone.
- The price is trading below $102,000 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $98,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rise if it remains above the $95,500 support zone.
Bitcoin price continues to fall
Bitcoin price failed to rise again and extended losses below the $102,000 zone. BTC gained bearish momentum below the USD 100,000 and USD 98,000 levels.
The price even peaked below $96,500. A low was formed at $95,586 and the price is now consolidating losses. There is also a major bearish trendline forming with resistance at $98,500 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below $102,000 and the 100 Hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 98,500 level. It is close to the 23.6% Fib retracement level of the downward move from the $108,295 swing high to the $95,586 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 $103,400 resistance level or the 61.8% Fib retracement level of the downward move from the $108,295 swing high to the $95,586 low. Any further gains could send the price towards the $105,000 level.
More disadvantages of BTC?
If Bitcoin fails to rise above the $98,500 resistance zone, the price may continue to decline. The immediate downside support is near the USD 96,200 level.
The first major support is near the $95,500 level. The next support is now near the $93,200 zone. Any further losses could send the price towards the USD 92,000 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 95,500, followed by USD 93,200.
Major resistance levels – $98,500 and $100,000.
