Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signals and may continue to decline towards the $91,200 support zone.
- Bitcoin has started a new decline from the $100,000 resistance zone.
- The price is trading below $98,000 and the 100 hourly simple moving average.
- There is a key downtrend line forming with resistance at $95,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh rally if it stays above the $92,000 support zone.
The price of Bitcoin drops again
Bitcoin price failed to initiate another increase and extended losses below the $100,000 zone. BTC gained bearish momentum below the $98,000 and $96,500 levels.
The price even rose below $92,250. A low was formed at $92,159 before a recovery wave occurred. However, bears were active near the $100,000 level. A high formed at $99,575 and the price began another decline. It traded below the $96,500 level.
There was a clear move below the 50% Fib retracement level of the recovery wave from the $92,159 low to the $99,575 high. There is also a key downtrend line forming with resistance at $95,850 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below $98,000 and the 100 hourly simple moving average. It is also testing the 76.4% Fib retracement level of the recovery wave from the $92,159 low to the $99,575 high.
On the upside, immediate resistance is near the $95,000 level. The first key resistance is near the $95,850 level. A clear move above the $95,850 resistance could push the price higher. The next key resistance could be $97,800. A close above the $97,800 resistance could push the price further higher.
In the case in question, the price could rise and test the $98,500 resistance level. Any further gains could send the price towards the $100,000 level.
Other negative aspects of BTC?
If Bitcoin fails to break out of the $95,850 resistance zone, it may continue to decline. Immediate downside support is near the $93,800 level.
The first major support is near the $92,500 level. The next support is now near the $91,200 zone. Any further losses could send the price towards the $90,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining ground 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: $95,850 and $97,800.