Bitcoin Price Update

Bitcoin price failed to gain pace for a move above the $100,000 zone. BTC declined again and is currently consolidating near the $96,000 zone.

• Bitcoin started a fresh decline from the $99,500 zone.
• The price is trading below $97,500 and the 100-hourly Simple Moving Average.
• A bearish trend line is forming with resistance at $96,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $95,000 zone.

Bitcoin Price Dips Again

Bitcoin formed a base above the $95,500 level and initiated a recovery wave, surpassing $97,000 and $98,500 resistance levels. However, bears remain active below $100,000. A high of $99,481 was formed before a fresh decline, moving below $98,000 and $96,000 levels, with a low of $94,888.

Bitcoin is currently trading below $97,200 and the 100-hourly Simple Moving Average. Immediate resistance is near $96,500, while a connecting bearish trend line shows resistance at $96,400. Key resistances include:

• $97,200 (50% Fibonacci retracement)
• $97,750 (next key resistance)

A close above $97,750 may push the price toward $98,800, and possibly towards $99,500 or even $100,000.

Another Decline In BTC?

If Bitcoin fails to break above the $97,200 resistance zone, it may start a fresh decline. Immediate support is near the $95,500 level, followed by major support at $95,000 and then $94,200. Further losses could send the price toward $93,500, with main support at $92,400.

Technical Indicators:

• Hourly MACD: Gaining pace in the bullish zone.
• Hourly RSI: Above the 50 level.

Major Support Levels:

• $95,500
• $95,000

Major Resistance Levels:

• $96,500
• $97,200