Bitcoin price extended its losses and was trading below the $93,500 area. BTC is correcting gains and may have difficulty recovering above the $95,000 level.
- Bitcoin started a new decline from the $95,500 resistance area.
- The price is trading below the $95,000 level and the 100 hourly simple moving average.
- There is a solid bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it remains above the $91,200 support area.
Bitcoin price turns red below $95K
Bitcoin price failed to start a recovery wave above the $95,500 resistance level. BTC remained in a short-term bearish zone and extended its losses below the $93,500 level.
There was a clear move below the $92,000 support area. The price even traded below $91,200. A bottom was formed at $91,168 and the price is now consolidating losses under the 23.6% Fib retracement level of the recent decline from the swing high of $102,761 to the low of $91,168.
Bitcoin price is now trading below $95,000 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $93,500 level. There is also a solid downtrend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $95,000 level. A clear move above the $95,000 resistance level could send the price higher. The next major resistance could be $97,000 or the 50% Fib retracement level of the recent decline from the high of $102,761 to the low of $91,168.
A close above the $97,000 resistance could push the price higher. In the mentioned case, the price may rise and test the $98,000 resistance level. Any further gains may push the price towards the $98,800 level.
Another drop in BTC?
If Bitcoin fails to rise above the $95,000 resistance area, it could start a new decline. Immediate support on the downside is near the $92,500 level.
The first major support is near the $92,000 level. The next support is now located near the $91,200 area. Any further losses could send the price towards the $90,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $92,500, followed by $91,200.
Major resistance levels – $93,500 and $95,000.