Bitcoin price extended losses and traded below the $95,000 zone. Bitcoin is showing bearish signs and may drop sharply below the $92,000 level.
- Bitcoin started a new decline below the $95,000 area.
- The price is trading below $94,000 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If it stays above the $92,000 support zone, the pair could start a new rally.
Bitcoin price revisit support
Bitcoin price failed to start another rally and Long losses Below the $98,000 area, Bitcoin gained downward momentum below the $96,500 and $95,500 levels.
The price even reached below $92,500. A low was formed at $92,417 and the price is now consolidating losses. There was a slight rise above the $94,000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the swing low of $99,575 to the low of $92,417.
Bitcoin price is now trading below $95,000 100 hourly simple moving average. A key downtrend line is also forming with resistance at $95,000 on the BTC/USD hourly chart.
In the uptrend, immediate resistance is near the $95,000 level. The first key resistance near the $96,000 level or the 50% Fib retracement level is the downside move from the $99,575 swing to the $92,417 low. A clear move above the $96,000 resistance may push the price higher.
The next key resistance could be $96,800. A close above the $96,800 resistance may push the price higher. In the mentioned case, the price could rise and test the resistance level of $97,500. Any further gains may push the price towards the $98,000 level.
More cons in BTC?
If Bitcoin fails to break above the $95,000 resistance, it could continue to move. Immediate support on the downside 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 area. Any further losses may push the price towards the $90,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now rising 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 – $95,000 and $96,000.
