Bitcoin price failed to surpass $95,500 and fell again. Bitcoin is back below $94,500 and may return to the $91,200 support area.
- Bitcoin started a new decline from the $96,500 area.
- The price is trading below $95,500 and the 100 hourly simple moving average.
- A connected bearish trendline is forming with resistance at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If the pair stays above the $92,500 support zone, it could initiate another rally.
Bitcoin price dropped again
Bitcoin price started a decent up move above the level $93,500 resistance zone. Bitcoin was able to rise above the resistance levels of $94,200 and $94,500.
The pair broke through the $95,000 resistance level but gains were limited. The price started another decline and traded below the $93,500 level. A low was formed at $92,950 and the price is now consolidating losses. On the hourly chart of the Bitcoin/USD pair, a downtrend line is forming connected to the $94,000 resistance.
The trend line is near the 23.6% Fib retracement level of the recent decline from the swing low of $97,308 to the low of $92,950. Bitcoin price is now trading below $95,000 Simple 100 hourly moving average.
On the upside, immediate resistance is near the $94,000 level. The first key resistance near the $95,000 level or the 50% Fib retracement level is the recent decline from the swing low of $97,308 to the $92,950 low. A clear move above the $95,000 resistance may push the price higher.
The next key resistance could be $95,500. A close above the $95,500 resistance may push the price higher. In the mentioned case, the price could rise and test the $96,500 resistance level. Any further gains may push the price towards the $98,000 level.
More losses in BTC?
If Bitcoin fails to break above the $94,500 resistance area, it can continue to move. Immediate support on the downside is near the $93,500 level.
The first major support is near the $92,800 level. The next support is now near the $92,500 area. Any further losses may push the price towards the $91,200 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 – $93,500 followed by $92,500.
Major resistance levels – $94,500 and $95,500.
