The value of Bitcoin was unable to exceed $95,500 and fell once more. BTC is currently beneath $94,500 and may revisit the $91,200 support area.
- Bitcoin initiated a new downturn from the $96,500 region.
- The value is operating below $95,500 and the 100 hourly Simple moving average.
- A descending bearish trend line is developing with resistance at $94,000 on the hourly chart for the BTC/USD pair (data sourced from Kraken).
- The pair might initiate another climb if it remains above the $92,500 support area.
Bitcoin Value Declines Once More
Bitcoin’s price commenced a notable upward trend above the $93,500 resistance area. BTC successfully progressed beyond the $94,200 and $94,500 resistance thresholds.
The pair surpassed the $95,000 resistance mark, but further gains were restricted. The price then began to decline again, trading below the $93,500 level. A low was established at $92,950, and the value is currently stabilizing after losses. A descending bearish trend line is forming with resistance at $94,000 on the hourly chart for the BTC/USD pair.
This trend line is close to the 23.6% Fib retracement level of the recent drop from the $97,308 swing high to the $92,950 low. Bitcoin’s price is now trading below $95,000 and the 100 hourly Simple moving average.
On the upside, immediate resistance is around the $94,000 level. The initial key resistance is near the $95,000 level or the 50% Fib retracement level of the recent decrease from the $97,308 swing high to the $92,950 low. A decisive move above the $95,000 resistance could propel the price upward.
The subsequent key resistance might be $95,500. A closure above the $95,500 resistance could drive the price even higher. In this scenario, the price could increase and test the $96,500 resistance threshold. Further gains could push the price toward the $98,000 level.
Additional Declines For BTC?
Should Bitcoin not exceed the $94,500 resistance area, it may continue to move downward. Immediate support on the downside is situated near the $93,500 level.
The first significant support is close to the $92,800 level. The next support is currently around the $92,500 area. Any additional losses could drive the price towards the $91,200 support in the near future.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum within the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently under the 50 level.
Major Support Levels – $93,500, followed by $92,500.
Major Resistance Levels – $94,500 and $95,500.