Bitcoin Price Update

Bitcoin price started a fresh decline from the $95,000 resistance zone, falling back below $90,000. It may continue moving down.

• Bitcoin commenced a fresh decline from the $95,000 resistance zone.
• The price is trading below $92,000 and the 100-hourly simple moving average.
• A break below a bullish trend line occurred, with support at $88,000 on the BTC/USD hourly chart (data feed from Kraken).
• The pair may decline further if it fails to stay above the $82,250 zone.

Bitcoin Price Dips Over 10%

Bitcoin price initially rallied above the $88,000 and $90,000 resistance levels, testing $95,000 where it faced significant resistance. After failing to retain gains, it declined below $92,000.

The price dropped below the $92,000 and $90,000 support levels, dipping over 10% and trading below the 50% Fibonacci retracement level from the $84,500 swing low to the $95,000 high. Additionally, there was a break below a bullish trend line with support at $88,000 on the BTC/USD hourly chart.

Currently, Bitcoin price is trading below $90,000 and the 100-hourly simple moving average. Immediate resistance is near the $85,000 level, followed by key resistance at $86,600 and potentially $88,500. A close above $88,500 could drive the price higher, testing $90,000 and possibly reaching up to $92,000 or $93,500.

More Losses In BTC?

If Bitcoin fails to surpass the $88,000 resistance zone, another decline may occur. Immediate downside support is near $82,250, coinciding with the 76.4% Fibonacci retracement level of the upward move from the $84,500 swing low to the $95,000 high. The first major support is at $80,000, followed by $78,500. Further losses could push the price down to the $76,000 support in the near term, with the main support positioned at $75,000.

Technical Indicators:

• Hourly MACD: Currently gaining traction in the bearish zone.
• Hourly RSI (Relative Strength Index): For BTC/USD, the RSI is now below 50.

Major Support Levels:

• $82,250, followed by $80,000.

Major Resistance Levels:

• $88,000 and $90,000.