The price of Bitcoin has initiated another decline, falling below the $96,800 threshold. BTC is currently retesting the $95,500 support level and may face challenges in recovering its losses.
- Bitcoin has commenced a new decline from the $98,000 area.
- The price remains below $96,500 and the 100 hourly Simple Moving Average.
- A significant bearish trend line is forming, with resistance at $96,400 on the hourly chart for the BTC/USD pair (data feed from Kraken).
- If the pair remains above the $95,000 region, it could initiate another upward movement.
Bitcoin Price Dips To Support
Bitcoin price was unable to surpass the resistance levels at $99,000 and $100,000. Consequently, BTC formed a peak and began a fresh decline below the $97,000 mark, clearly moving under the $96,500 support level.
The price dipped beneath the $95,000 level, but bulls emerged around $95,200. A low was established at $95,224, and the price is currently making an attempt to recover, with a movement above the $96,000 level. It surpassed the 23.6% Fibonacci retracement level of the downward move from the $98,826 swing high to the $95,224 low.
Bitcoin is now trading under $96,500 and the 100 hourly Simple Moving Average. Immediate resistance lies near the $96,400 level, along with a critical bearish trend line forming with the same resistance on the hourly BTC/USD chart.
The first major resistance point is near the $97,000 level or the 50% Fibonacci retracement level from the downward movement between the $98,826 swing high and $95,224 low. The subsequent key resistance could be at $98,000.
A close above the $98,000 resistance may lead to further price increases. In this scenario, prices could rise to test the $98,800 resistance level, and continued growth might take the price towards $100,000 or even $100,500.
More Losses In BTC?
Should Bitcoin fail to break above the $97,000 resistance zone, it may initiate a new decline. Immediate support lies around the $95,500 level, with the first major support located near $95,200.
The next support level is situated near the $95,000 zone. Additional losses could push the price down to the $93,500 support level in the short term, with the primary support being at $92,200.
Technical indicators:
Hourly MACD – The MACD is currently slowing down in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major Support Levels – $95,500, followed by $95,000.
Major Resistance Levels – $97,000 and $98,000.
