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Bitcoin price extended losses and traded below the $95,000 zone. BTC is showing bearish signs and could fall heavily below the USD 92,000 level.
- Bitcoin started a new decline below the $95,000 zone.
- The price is trading below $94,000 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $95,000 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 $92,000 support zone.
Bitcoin price revisits support
Bitcoin price failed to rise again and extended losses below the $98,000 zone. BTC gained bearish momentum below the USD 96,500 and USD 95,500 levels.
The price even peaked below $92,500. A low was formed at $92,417 and the price is now consolidating losses. There was a small increase above the $94,000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $99,575 swing high to the $92,417 low.
Bitcoin price is now trading below $95,000 and the 100 hourly Simple Moving Average. There is also a major bearish trendline forming with resistance at $95,000 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is around the $95,000 level. The first major resistance is near the $96,000 level or the 50% Fib retracement level of the downward move from the $99,575 swing high to the $92,417 low. A clear move above the USD 96,000 resistance could push the price higher.
The next major resistance could be at USD 96,800. A close above the USD 96,800 resistance could send the price rising further. In the said case, the price could rise and test the USD 97,500 resistance level. Any further gains could send the price towards the $98,000 level.
More disadvantages of BTC?
If Bitcoin fails to rise above the $95,000 resistance zone, the price may continue to decline. The immediate downside support is near the $92,400 level.
The first major support is near the $92,000 level. The next support is now near the $91,200 zone. Any further losses could send the price towards the $90,000 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 92,500, followed by USD 91,200.
Major resistance levels – $95,000 and $96,000.