Bitcoin price extended losses and traded below the $93,500 range. BTC is correcting gains and may struggle to overcome the $95,000 level.
- Bitcoin started a fresh decline from the $95,500 resistance area.
- The price is trading below $95,000 and the moving average is 100 hourly.
- A connecting bearish trend line is forming with resistance at $93,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate another rally if it holds above the $91,200 support area.
Bitcoin price is turning red below $95K
Bitcoin price failed to start a wave of recovery above the $95,500 against. BTC remained in a short-term bearish zone and extended losses below the $93,500 level.
There was a clear move below the $92,000 support area. The price was even trading below $91,200. A low was formed at $91,168 and the price is now consolidating losses below the 23.6% Fib level of the recent decline from the $102,761 high to $91,168 low.
The price of Bitcoin is now trading below $95,000 and the 100 hourly simple moving average. On the upside, there is resistance near the $93,500 level. There is also a bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair.
The first major offering is near the $95,000 level. A clear move above the $95,000 resistance may push the price higher. The next major resistance could be $97,000 or the 50% Fib level of the recent decline from the $102,761 high to $91,168 low.
A close above the $97,000 resistance could send the price higher. In the given case, the price could rise and test the $98,000 resistance level. Any other benefits could push the price to $98,800.
Another return in BTC?
If Bitcoin does not rise above the $95,000 resistance zone, it could start a new downtrend. 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 area. Any further losses could send the price towards the $90,000 support in the short term.
Technical specifications:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Top Support Levels – $92,500, followed by $91,200.
Key Resistance Levels – $93,500 and $95,000.
