Bitcoin price failed to surpass $100,000 and corrected profit. Bitcoin is back below $96,500 and may return to the $93,200 support area.
- Bitcoin started a new decline from the $99,400 area.
- The price is trading below $96,500 and the 100 hourly simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken) it broke below the connected uptrend line with support at $98,400.
- The pair could initiate another rally if it stays above the $95,000 support zone.
Bitcoin price dropped again
Bitcoin price started a decent up move above the level $96,500 resistance zone. Bitcoin was able to break above the resistance levels of $97,500 and $98,000.
The pair crossed the $99,000 resistance level and traded close to the $100,000 resistance level. A peak was formed at $99,400 and the price has recently started a fresh decline. There was a move below the $96,500 support. The price fell below the 50% Fib retracement level of the uptrend from $92,415 to the low of $99,400.
Additionally, on the hourly chart of the Bitcoin/USD pair, there was a break below the connected uptrend line with support at $98,400. Bitcoin price is now trading below $96,500 100 hourly simple moving average.
The price is currently holding the $95,000 area and the 61.8% Fib retracement level of the uptrend from the swing low of $92,415 to the high of $99,400. On the upside, immediate resistance is near the $96,400 level. The first key resistance is near the $97,750 level.
A clear move above the $97,750 resistance may push the price higher. The next key resistance could be $99,000. A close above the $99,000 resistance may push the price higher. In the mentioned case, the price could rise and test the $100,000 resistance level. Any further gains may push the price to the $102,000 level.
More losses in BTC?
If Bitcoin fails to break above the $96,500 resistance area, it can continue to move. Immediate support on the downside is near the $95,200 level.
The first major support is near the $95,000 level. The next support is now near the $93,800 area. Any further losses may push the price towards the $92,500 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 – $95,000 followed by $93,800.
Key resistance levels – $96,500 and $97,750.
