On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a key bearish trend line forming with resistance at $95,850. If the price of bitcoin continues to trade above the $92,000 support zone, it could start a fresh increase. However, if it continues to trade below the $100,000 zone, its losses could extend, and the price could continue to fall toward the $91,200 support zone.
Bitcoin Price Dips Again
Bitcoin price fell below $100,000 and failed to rise again. BTC headed south below $98,000 and $96,500. Spiked below $92,250—a low at $92,159 before a comeback. Bitcoin Faces Resistance: However, bears were active at nearly $100,000. At $99,575, the price peaked and fell. It fell below $96,500.
From the $92,159 swing low to the $99,575 high, the rebound wave dropped below the 50% Fib retracement line. The hourly BTC/USD chart shows a negative trend line with resistance at $95,850. Bitcoin is below $98,000 and the 100-hour SMA. It also tests the 76.4% Fib retracement of the $92,159 swing low to $99,575 high recovery wave.
Upside resistance is approaching $95,000. Near $95,850 is the first significant resistance. The price may rise if it breaks the $95,850 resistance. Following key resistance might be $97,800. Price may increase if it closes above $97,800 resistance.
More Downsides In BTC?
If Bitcoin fails to rise above the $95,850 resistance zone, it could continue to move down. Immediate support on the downside is near the $93,800 level. The first significant support is near the $92,500 level. The next support is now near the $91,200 zone. Bitcoin Faces Resistance: Any more losses might send the price toward the $90,000 support in the near term.
Technical indicators:
- Hourly MACD – The MACD is now gaining pace in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
- Major Support Levels – $92,500, followed by $91,200.
- Major Resistance Levels – $95,850 and $97,800.
Summary
Bitcoin is struggling to break resistance levels, causing bearish pressure. BTC/USD is falling, with resistance at $95,850 and support near $92,000. After falling below $100,000, Bitcoin reached $92,159 before recovering. The price has battled below the 100-hour SMA after failing to sustain gains of over $98,000. Bitcoin might fall to $91,200 or $90,000 if it fails to break $95,850. MACD and RSI indicate bearish momentum.
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