Bitcoin price extended losses and traded below the $95,000 range. BTC is showing bearish signs and could decline significantly below the $92,000 level.
- Bitcoin started a new decline below the $95,000 range.
- The price is trading below $94,000 and the 100 hourly moving average.
- A major bearish trend line is forming with resistance at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rally if it holds above the $92,000 support area.
Bitcoin Price visit back support
The price of Bitcoin failed to start another rise and extended loss below the $98,000 range. BTC gained bearish momentum below the $96,500 and $95,500 levels.
The price was even lower than $92,500. A low was formed at $92,417 and the price is now consolidating losses. There was a small increase above the $94,000 level. The price climbed above the 23.6% Fib level of the downtrend from the $99,575 swing high to the $92,417 low.
The price of Bitcoin is now trading below $95,000 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance at $95,000 on the hourly chart of the BTC/USD pair.
On the upside, there is resistance near the $95,000 level. The first major resistance is near the $96,000 level or the 50% Fib level of the move down from the $99,575 high to the $92,417 low. A clear move above the $96,000 resistance could send the price higher.
The next major offering could be $96,800. A close above the $96,800 resistance could send the price higher. In the mentioned case, the price could rise and test the $97,500 resistance level. Any other benefits could push the price to $98,000.
More downsides in BTC?
If Bitcoin does not rise above the $95,000 resistance zone, it could continue to decline. Immediate support on the downside is near the $92,400 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 – $95,000 and $96,000.
