Bitcoin price failed to stay above the $100,000 zone. BTC is correcting gains and might struggle to stay above the $96,000 support zone.
Bitcoin started a fresh decline from the $102,500 resistance zone.
The price is trading below $100,000 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support at $98,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $95,500 support zone.
Bitcoin price started a decent upward move above the $98,500 resistance zone. BTC was able to climb above the $99,200 and $100,00 resistance levels. However, it failed to clear the $102,500 resistance zone.
A high was formed at $102,759 and the price started a fresh decline. There was a clear move below the $100,000 support zone. Besides, there was a break below a connecting bullish trend line with support at $98,500 on the hourly chart of the BTC/USD pair.
The pair even traded below $96,500. A low was formed at $96,100 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $102,759 swing high to the $96,100 low.
Bitcoin price is now trading below $98,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $97,500 level. The first key resistance is near the $98,500 level. A clear move above the $98,500 resistance might send the price higher.
The next key resistance could be $99,500 or the 50% Fib retracement level of the recent decline from the $102,759 swing high to the $96,100 low. A close above the $99,500 resistance might send the price further higher. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $104,000 level.
If Bitcoin fails to rise above the $97,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,500 level.
The first major support is near the $96,100 level. The next support is now near the $95,550 zone. Any more losses might send the price toward the $93,500 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 – $96,500, followed by $95,500.
Major Resistance Levels – $97,500 and $98,500.
[#item_full_content]NewsBTCRead MoreBitcoin and crypto staged their strongest rally in months as Treasury intervention, regulatory moves and…
Treasury buybacks are not QE, analysts said, but the move helped pull long-term yields off…
ZEC traded above its January 2018 peak as futures volume hit billions of dollars and…
Bitcoin Magazine Smart Money Helping Support Bitcoin Rebound, Says Pantera Capital American investment firm Pantera…
Bitcoin Magazine Legendary Investor Ray Dalio Touts Bitcoin — With Gold — To Hedge Against…
Hashdex has begun liquidating its Hashdex Bitcoin ETF, ticker DEFI, marking the first closure of…
