Bitcoin price failed to stay above the $100,000 zone. BTC is correcting gains and may struggle to stay above the $96,000 support zone.
- Bitcoin started a fresh decline from the $102,500 front area.
- The price is trading below $100,000 and the moving average is 100 hourly.
- There was a break below the 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 initiate another rally if it holds above the $95,500 support area.
Bitcoin price drops below $100K
Bitcoin price started a nice move up above the $98,500 resistance zone. BTC was able to climb above the $99,200 and $100,00 resistance levels. However, he did not succeed Resistance zone $102,500.
A high was formed at $102,759 and the price started a fresh decline. There was a clear move below the $100,000 support area. Additionally, there was a break below the 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 level of the recent decline from the $102,759 high to $96,100 low.
The price of Bitcoin is now trading below $98,500 and the 100 hourly simple moving average. On the upside, there is resistance near the $97,500 level. The first major offering is near the $98,500 level. A clear move above the $98,500 resistance could send the price higher.
The next major resistance could be $99,500 or the 50% Fib level of the recent decline from the $102,759 high to $96,100 low. A close above the $99,500 resistance could send the price higher. In the mentioned case, the price could rise and test the $102,500 resistance level. Any other benefits could push the price to the $104,000 level.
Another return in BTC?
If Bitcoin does not rise above the $97,500 protection zone, it could start a new 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 area. Any further losses could send the price towards the $93,500 support in the near 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 – $96,500, followed by $95,500.
Key Resistance Levels – $97,500 and $98,500.
