Bitcoin Price Faces Uncertainty: Is The Risk of a Drop Growing?

Bitcoin price is consolidating losses below the $95,500 zone. BTC is showing bearish signs and might struggle to recover above the $95,800 level.

Bitcoin started a recovery wave from the $91,150 zone.
The price is trading below $94,500 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance at $93,650 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 Struggles Below $95K

Bitcoin price started a short-term recovery wave above the $92,000 resistance. BTC was able to climb above the $93,500 and $94,000 levels.

The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $102,761 swing high to the $91,168 low. Besides, there was a break above a connecting bearish trend line with resistance at $93,650 on the hourly chart of the BTC/USD pair.

However, the bears are still active below the $95,800 level. Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $95,000 level.

The first key resistance is near the $95,800 level. A clear move above the $95,800 resistance might send the price higher. The next key resistance could be $97,000 or the 50% Fib retracement level of the downward move from the $102,761 swing high to the $91,168 low.

A close above the $97,000 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 $99,500 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $95,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $92,500 level.

The first major support is near the $92,000 level. The next support is now near the $91,200 zone. Any more losses might send the price toward the $90,000 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 – $92,500, followed by $91,200.

Major Resistance Levels – $95,000 and $95,800.

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