Bitcoin Price Decline Continues
Bitcoin hasn’t managed to bounce back above the $96,500 mark. Currently, BTC is down over 3%, and if it dips below $92,000, further declines might be on the horizon.
- Bitcoin started a decline, moving beneath $95,000 and $94,500.
- It’s trading under both the $98,000 mark and the 100-hour simple moving average.
- A bearish trendline on the hourly BTC/USD chart is presenting resistance around $96,600.
- If it falls below the $92,500 level, the pair could keep dropping.
Bitcoin Price Takes a Hit
The price of Bitcoin couldn’t hold steady above the $95,500 pivot point. Bears have remained active, pushing the price further down.
They managed to gain traction and drove the price below the $94,000 mark, hitting a low of $92,890. Now, it seems to be stabilizing near the 23.6% Fib retracement level, following the recent drop from the high of $103,998 to that low.
Currently, Bitcoin is trading under $95,000 and its 100-hour simple moving average. Also, there’s a bearish trend line forming on the hourly BTC/USD chart with resistance at $96,600.
If bulls try to mount another recovery attempt, they might face resistance around the $95,500 level. The initial significant resistance lies near $96,500 and the trendline. Should the price close above $97,200, it could potentially rise higher, testing the $98,500 resistance. Any increase might push it toward $99,500, and the next challenges for bulls could be $100,000 and $100,500.
Potential Further Losses for BTC?
If Bitcoin can’t break above the $96,600 resistance zone, it may begin to decline further. Immediate support appears to be around $93,500, with the first major support at $92,500.
Another support level is currently at approximately $91,500. If the downward trend continues, the price could approach the $90,000 support soon. The main support threshold lies at $88,500, and if it falls below this point, BTC could see a sharper decline in the short term.
Technical Indicators:
Hourly MACD – Currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Major Support Level: $92,500, followed by $90,000.
Key Resistance Levels: $95,500 and $96,600.
