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Bitcoin price started declining again and traded below the $98,000 support. BTC has fallen towards the $95,000 level and is currently paring losses.
Bitcoin has started a new decline below the $98,000 support zone. The price is trading below the $98,000 and 100 hourly simple moving average. The hourly chart of the BTC/USD pair (data feed from Kraken) has a connecting bearish trendline forming resistance at $98,800. The pair could regain momentum if it closes above the $98,800 resistance zone.
Bitcoin price takes a hit
Bitcoin price failed to pick up pace above the $100,000 level. BTC started to correct downside again, trading below the $98,000 level. There was a move below the $96,500 support.
Prices soared to below $95,000. A low was formed at $94,140 and the price started a recovery wave. There was a move above the $96,500 level. Price rose above the 50% Fib retracement level of the downwave from the swing high of $100,432 to the low of $94,140.
Bitcoin price is currently trading below $100,000 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $98,000 level. This is close to the 61.8% Fib retracement level of the downwave from the swing high of $100,432 to the low of $94,140.
The first major resistance level is near the $98,800 level. Additionally, a bearish trend line has formed on the hourly chart of the BTC/USD pair that connects with the resistance level at $98,800.
Source: BTCUSD on TradingView.com
A clear break above the $98,800 resistance could push the price higher. The next major resistance level could be at $100,000. If the price closes above the $100,000 resistance level, the price could move higher. In the above case, the price could rise and test the $104,200 resistance level. Any further rise could push the price closer to the $108,000 level.
Will BTC drop again?
If Bitcoin fails to rise above the $98,800 resistance zone, another downside correction could begin. Immediate support on the downside is near the $96,500 level.
The first major support is near the $95,500 level. The next support is currently located near the $94,200 zone. Any further losses could send the price towards the $92,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support level – $96,500 followed by $95,500.
Key resistance levels – $98,000 and $98,800.
