Bitcoin price is consolidating losses below the $95,500 zone. BTC is showing bearish signs and may struggle to recover above the $95,800 level.
- Bitcoin started a recovery wave from the $91,150 zone.
- The price is trading below $94,500 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $93,650 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 struggles below $95K
Bitcoin price started a short-term recovery wave above $92,000 resistance. BTC was able to climb above the $93,500 and $94,000 levels.
The bulls were able to push the price above the 23.6% Fib retracement level of the move down from the $102,761 swing high to the $91,168 low. Additionally, there was a break above a connecting bearish trend line with resistance at $93,650 on the hourly chart of the BTC/USD pair.
However, bears are still active below the $95,800 level. Bitcoin price is now trading below $95,000 and 100 hourly simple moving average. On the upside, immediate resistance is near the $95,000 level.
The first key resistance is near the $95,800 level. A clear move above the $95,800 resistance could send the price higher. The next major resistance could be $97,000 or the 50% Fib retracement level from the $102,761 swing high to the $91,168 low.
A close above the $97,000 resistance could send the price higher. In the mentioned case, the price may rise and test the $98,800 resistance level. Any further gains could send the price towards the $99,500 level.
Another drop in BTC?
If Bitcoin fails to break above the $95,800 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 zone. Any further losses could send the price towards the $90,000 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 – $92,500, followed by $91,200.
Key resistance levels – $95,000 and $95,800.
