Bitcoin price failed to stay above the $100,000 zone. BTC is correcting gains and might struggle to stay above the $96,000 support zone.
- Bitcoin started a fresh decline from the $102,500 resistance zone.
- The price is trading below $100,000 and the 100 hourly Simple moving average.
- There was a break below a connecting bullish trend line with support at $98,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $95,500 support zone.
Bitcoin Price Dips Below $100K
Bitcoin price started a decent upward move above the $98,500 resistance zone. BTC was able to climb above the $99,200 and $100,00 resistance levels. However, it failed to clear the $102,500 resistance zone.
A high was formed at $102,759 and the price started a fresh decline. There was a clear move below the $100,000 support zone. Besides, there was a break below a connecting bullish trend line with support at $98,500 on the hourly chart of the BTC/USD pair.
The pair even traded below $96,500. A low was formed at $96,100 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $102,759 swing high to the $96,100 low.
Bitcoin price is now trading below $98,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $97,500 level. The first key resistance is near the $98,500 level. A clear move above the $98,500 resistance might send the price higher.
The next key resistance could be $99,500 or the 50% Fib retracement level of the recent decline from the $102,759 swing high to the $96,100 low. A close above the $99,500 resistance might send the price further higher. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $104,000 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $97,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,500 level.
The first major support is near the $96,100 level. The next support is now near the $95,550 zone. Any more losses might send the price toward the $93,500 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 – $96,500, followed by $95,500.
Major Resistance Levels – $97,500 and $98,500.
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