Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $95,000 support. BTC must stay above the $90,000 zone to avoid more losses in the near term.

• Bitcoin started a fresh decline from the $98,500 zone.
• The price is trading below $95,500 and the 100 hourly Simple Moving Average (SMA).
• There is a short-term triangle forming with resistance at $92,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline if it fails to stay above the $90,000 zone.

Bitcoin Price Dips Further

Bitcoin price failed to stay above the $96,500 level and started a fresh decline. BTC declined heavily below the $95,000 and $94,200 support levels.

The price even dived below the $92,500 level. It tested the $90,800 zone, forming a low at $90,888. The price is now consolidating losses, back above the $91,500 level, but faces hurdles near the 23.6% Fibonacci retracement level of the downward move from $96,483 to $90,888.

Bitcoin price is trading below $94,200 and the 100 hourly SMA. Immediate resistance is near the $92,200 level, with a short-term triangle forming at the same resistance level on the hourly chart of the BTC/USD pair.

Key resistances include:
– $93,200 (first key resistance)
– $93,650 (next key resistance or 50% Fibonacci retracement level)

A close above the $93,650 resistance could send the price higher, testing the $94,500 resistance level, with potential gains pushing it towards the $95,500 level or even $96,400.

Another Decline In BTC?

If Bitcoin fails to rise above the $92,200 resistance zone, it could start a fresh decline. Immediate support is near the $91,500 level, followed by major supports:
– $90,850 (first major support)
– $90,000 (next support)
– $88,500 (potential target for further losses)
– $86,400 (main support)

Technical Indicators:

• Hourly MACD – Gaining pace in the bearish zone.
• Hourly RSI (Relative Strength Index) – Below 50.

Major Support Levels

• $91,500, followed by $90,850.

Major Resistance Levels

• $92,200 and $93,200.