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 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.
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.
[#item_full_content]NewsBTCRead MoreTraders on X are pointing to everything from a Hong Kong fund blowup to yen…
Bitcoin is struggling to hold the $70,000 level as persistent selling pressure weighs on market…
The latest downturn in Bitcoin (BTC) has begun to weigh heavily on publicly listed companies…
Record volume, redemptions and pronounced tilt toward put options points to institutional capitulation.Read MoreCoinDesk: Bitcoin,…
The largest transfers went to credit and trading firm Two Prime, which received more than…
Data shows social media users are still optimistic about XRP even as sentiment around Bitcoin…
