Bitcoin price started another decline and traded below the $98,000 support. BTC dipped toward the $95,000 level and is currently correcting losses.
- Bitcoin started a fresh decline below the $98,000 support zone.
- The price is trading below $98,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $98,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could regain momentum if it closes above the $98,800 resistance zone.
Bitcoin Price Takes Hit
Bitcoin price failed to gain pace above the $100,000 level. BTC started another downside correction and traded below the $98,000 level. There was a move below the $96,500 support.
The price even spiked 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. The price climbed above the 50% Fib retracement level of the downward wave from the $100,432 swing high to the $94,140 low.
Bitcoin price is now trading below $100,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $98,000 level. It is close to the 61.8% Fib retracement level of the downward wave from the $100,432 swing high to the $94,140 low.
The first key resistance is near the $98,800 level. There is also a connecting bearish trend line forming with resistance at $98,800 on the hourly chart of the BTC/USD pair.
A clear move above the $98,800 resistance might send the price higher. The next key resistance could be $100,000. A close above the $100,000 resistance might send the price further higher. In the stated case, the price could rise and test the $104,200 resistance level. Any more gains might send the price toward the $108,000 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $98,800 resistance zone, it could start another downside correction. 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 now near the $94,200 zone. Any more losses might send the price toward the $92,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing 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 – $98,000, and $98,800.