Bitcoin price continues to face selling pressure as it extended losses below the $95,000 zone, showing bearish signs that could lead to a further decline below the $92,000 level. The cryptocurrency failed to sustain an uptrend and dropped below key support levels, including the $96,500 and $95,500 levels. Despite a minor uptick above $94,000, the price remains below the 100 hourly Simple Moving Average and faces resistance at $95,000, indicated by a bearish trend line on the hourly chart of the BTC/USD pair.
The recent price action has seen Bitcoin revisiting key support levels, with a low formed at $92,417 before consolidating losses. While there was a slight recovery above $94,000, the price remains below $95,000 and the 100 hourly SMA. The immediate resistance lies at $95,000, followed by $96,000 and $96,800. A break above these levels could signal a reversal in the short term, with the potential to test $97,500 and $98,000 resistance levels. However, failure to break above $95,000 could result in further downside movement.
If Bitcoin fails to overcome the $95,000 resistance zone, it could continue to move lower towards the $92,000 support level. The next key support is at $91,200, followed by $90,000 in the near term. Technical indicators like the hourly MACD and RSI suggest bearish momentum, indicating potential downside risks for Bitcoin price in the coming sessions. Traders should keep a close eye on the support and resistance levels to gauge the next move in the cryptocurrency market.
In conclusion, Bitcoin price has faced increasing selling pressure, leading to a drop below key support levels and bearish signs that suggest further downside potential. While there is a possibility of a short-term reversal if the price breaks above key resistance levels, failure to overcome $95,000 could trigger more losses towards $92,000 and $91,200. Traders should closely monitor technical indicators and price levels to assess the market sentiment and make informed trading decisions. As volatility remains high in the cryptocurrency market, caution is advised when trading Bitcoin amidst the current price action.