Bitcoin Price Faces Mounting Pressure: Bears Take the Lead

Bitcoin price extended losses and traded below the $95,000 zone. BTC is correcting gains and might struggle to recover above the $96,500 level.

Bitcoin started a fresh decline from the $97,500 resistance zone.
The price is trading below $97,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $94,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $92,500 support zone.

Bitcoin Price Dips Below $95K

Bitcoin price failed to start a recovery wave above the $98,000 resistance. BTC remained in a short-term bearish zone and extended losses below the $96,500 level.

There was a clear move below the $95,000 support zone. The price even traded below $93,200. A low was formed at $92,501 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $102,760 swing high to the $92,500 low.

Bitcoin price is now trading below $96,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $95,000 level. There is also a connecting bearish trend line forming with resistance at $94,900 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $96,500 level. A clear move above the $96,500 resistance might send the price higher. The next key resistance could be $97,500 or the 50% Fib retracement level of the recent decline from the $102,760 swing high to the $92,500 low.

A close above the $97,500 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $100,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $95,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $93,500 level.

The first major support is near the $92,500 level. The next support is now near the $92,000 zone. Any more losses might send the price toward the $91,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $93,500, followed by $92,500.

Major Resistance Levels – $95,000 and $96,500.

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