Bitcoin price continued to fall and traded below the $95,000 zone. BTC is showing bearish signs and could fall significantly below the $92,000 level.
- Bitcoin began a fresh decline below the $95,000 zone.
- The price is trading below $94,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance at $95,000 (data feed from Kraken).
- The pair could start fresh gains if it remains above the $92,000 support zone.
Bitcoin price revision support
Bitcoin price failed to start a new rally and continued to fall below the $98,000 zone. BTC gained bearish momentum below the $96,500 and $95,500 levels.
The price even jumped below $92,500. The low was formed at $92,417, and the price is now consolidating losses. There was a minor rally above the $94,000 level. The price moved above the 23.6% Fibonacci retracement level on a downward move from the $99,575 swing high to $92,417 low.
Bitcoin price is currently trading below $95,000 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair is also forming a key bearish trend line with resistance at $95,000.
On the downside, immediate resistance is near the $95,000 level. The first key resistance is near the $96,000 level or the 50% Fibonacci retracement level of the downward move from the $99,575 swing high to $92,417 low. A clear move above the $96,000 resistance could lead to an increase in price.
The next key resistance could be $96,800. A close above the $96,800 resistance could see the price rise further. In this case, the price could rise and test the resistance level at $97,500. Any additional gains could take the price closer to the $98,000 level.
Are there more downsides to BTC?
If Bitcoin fails to rise above the $95,000 resistance zone, it could continue moving lower. The immediate downside support is near the $92,400 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 push the price towards the $90,000 support in the near future.
Technical indicators:
Hourly MACD – The MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major support levels are US$92,500, followed by US$91,200.
The main resistance levels are $95,000 and $96,000.
