Bitcoin price failed to cross $95,500 and declined again. BTC has bounced back below $94,500 and may retrace to the $91,200 support zone.
- Bitcoin started a recent decline from the $96,500 zone.
- The price is trading below $95,500 and the 100 hourly simple moving average.
- There is a connecting bearish trend line with resistance at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may initiate another rally if it remains above the $92,500 support zone.
Bitcoin price dropped again
Bitcoin price started a decent upward move $93,500 resistance zone. BTC was able to climb above the $94,200 and $94,500 resistance levels.
The pair cleared the $95,000 resistance level but upsides were limited. The price started another decline and traded below the $93,500 level. The low was formed at $92,950 and the price is now consolidating losses. There is a connecting bearish trend line with resistance at $94,000 on the hourly chart of the BTC/USD pair.
The trend line is close to the 23.6% Fib retracement level of the recent decline from the $97,308 swing high to the $92,950 low. Bitcoin price is now trading below $95,000 and 100 hourly simple moving average.
On the downside, immediate resistance is near the $94,000 level. The first key resistance is near the $95,000 level or the 50% Fib retracement level of the recent decline from the $97,308 swing high to the $92,950 low. A clear move above the $95,000 resistance could send the price higher.
The next major resistance could be $95,500. A close above the $95,500 resistance could send the price higher. In the mentioned case, the price may rise and test the $96,500 resistance level. Any further gains could send the price towards the $98,000 level.
More losses in BTC?
If Bitcoin fails to break above the $94,500 resistance zone, it may continue to move lower. Immediate support on the downside is near the $93,500 level.
The first major support is near the $92,800 level. The next support is now near the $92,500 zone. Any further losses could send the price towards the $91,200 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 – $93,500, followed by $92,500.
Key resistance levels – $94,500 and $95,500.
