Bitcoin price has continued to decline and is now trading below the $100,000 zone, showing bearish signs that indicate a further drop towards the $91,200 support level. The cryptocurrency started a fresh decline from the $100,000 resistance zone, trading below $98,000 and the 100 hourly Simple Moving Average. A key bearish trend line is forming with resistance at $95,850 on the hourly chart, suggesting a possible increase if it stays above the $92,000 support zone.
The price of Bitcoin failed to start an upward trend and extended losses below $100,000. Bearish momentum continued below $98,000 and $96,500, with the price even dropping below $92,250. A low was formed at $92,159 before a recovery wave saw the price reach a high of $99,575 and start another decline. Trading below the 50% Fib retracement level, the price is now below the 100 hourly Simple Moving Average and testing the 76.4% Fib retracement level.
Immediate resistance is near $95,000, with key resistance at $95,850 and $97,800. If the price breaks above these levels, it could test the $98,500 resistance and potentially reach $100,000. However, if Bitcoin fails to break above the $95,850 resistance zone, it could continue moving down. Immediate support is at $93,800, followed by major support at $92,500 and $91,200. Further losses might see the price drop towards the $90,000 support level in the near future.
Technical indicators show that the hourly MACD is gaining pace in the bearish zone, while the RSI for BTC/USD is below the 50 level. Major support levels are at $92,500 and $91,200, while major resistance levels are at $95,850 and $97,800. Overall, the current trend indicates a bearish outlook for Bitcoin price, with the potential for further declines if key resistance levels are not broken. Investors should keep a close eye on support and resistance levels to determine the future direction of Bitcoin’s price movement.
In conclusion, Bitcoin price has experienced a decline below the $100,000 zone, with bearish signs pointing towards a move down towards the $91,200 support level. Despite attempts to recover, the price has struggled to break key resistance levels and is currently trading below the 100 hourly Simple Moving Average. Technical indicators suggest a bearish outlook, with potential further downsides if support levels are breached. Investors should closely monitor the market to make informed decisions about their Bitcoin investments based on current price trends and key support and resistance levels.
