Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and may continue to move down towards the $92,000 support zone.
- Bitcoin started a recent decline from the $102,000 resistance zone.
- The price is trading below $102,000 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $98,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may initiate a fresh rally if it stays above the $95,500 support zone.
The price of Bitcoin falls further
Bitcoin price failed to initiate another rally and extended losses below the $102,000 zone. Received BTC Bearish momentum Below the $100,000 and $98,000 levels.
The price also dropped from $96,500. A low was made at $95,586 and the price is now consolidating losses. There is also a key bearish trend line with resistance at $98,500 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below $102,000 and 100 hourly simple moving average. On the upside, the price may face resistance near the $98,500 level. It is near the 23.6% Fib retracement level of the downside move from the $108,295 swing high to the $95,586 low.
The first major resistance is near the $100,000 level. A clear move above the $100,000 resistance could send the price higher. The next major resistance could be $102,000. A close above the $102,000 resistance could send the price higher.
In the mentioned case, the price could move higher and test the $103,400 resistance level or the 61.8% Fib retracement level of the downside move from the $108,295 swing high to the $95,586 low. Any further gains could send the price towards the $105,000 level.
More losses in BTC?
If Bitcoin fails to break above the $98,500 resistance zone, it may continue to move lower. Immediate support on the downside is near the $96,200 level.
The first major support is near the $95,500 level. The next support is now near the $93,200 zone. Any further losses could send the price towards the $92,000 support in the near term.
Technical Indicators:
Hourly MACD – MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support level – $95,500, followed by $93,200.
Key resistance levels – $98,500 and $100,000.
