Bitcoin Price Analysis

Bitcoin price has begun a new decline, moving below the $90,000 zone. Currently, BTC is trading under $88,500, making it difficult to regain upward momentum.

• Bitcoin initiated a fresh decline from the $92,000 zone.
• The price trades below $90,000 and the 100-hourly Simple Moving Average.
• A bearish trend line has formed, showing resistance at $91,000 on the hourly BTC/USD chart (data feed from Kraken).
• If it cannot maintain above the $85,000 zone, another decline might begin.

Bitcoin Price Encounters Resistance

The Bitcoin price saw a decline from the $95,000 resistance level, falling under $92,000 and $90,000 support levels, leading to a drop of over 10% below $88,000.

A significant dip was seen below the 50% Fibonacci retracement level, formed from the upward wave between the $84,500 swing low and the $95,000 high. Subsequently, the price tested the $82,000 support zone, forming a base and recovering slightly above $83,500.

Currently, Bitcoin trades below $90,000 and the 100 hourly Simple Moving Average. Immediate resistance exists around the $88,750 level, with the first key resistance at $90,000. Potentially, the next resistance could be at $91,500. A connecting bearish trend line is evident at $91,000 on the hourly chart. A close above $91,500 might lead to a rise toward the $93,000 resistance. Additional gains could push the price to $94,200 or even test $95,000.

Potential For Another Decline In BTC?

Should Bitcoin fail to break above the $90,000 resistance zone, a fresh decline is likely. Immediate support is near $85,000, with major support at $83,200. Further support levels are around $82,250 and the 76.4% Fibonacci retracement level from the upward wave of $84,500 to $95,000. If losses continue, the price may test the $80,000 support, with main support at $78,800.

Technical Indicators:

• Hourly MACD: Losing momentum in the bearish zone.
• Hourly RSI: Above the 50 level for BTC/USD.

Major Support Levels:

• $85,000, followed by $82,250.

Major Resistance Levels:

• $90,000 and $91,500.