Bitcoin Price Dips Below Key Support

Bitcoin price started another decline below the $96,800 zone. BTC is retesting the $95,500 support zone and might struggle to recover losses.

• Bitcoin started a fresh decline from the $98,000 zone.
• The price is trading below $96,500 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line 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 To Support

Bitcoin price failed to clear the $99,000 and $100,000 resistance levels. BTC formed a top and began a fresh decline below the $97,000 level. The price moved below the $96,500 support level and dipped under the $95,000 mark. Bulls appeared near $95,200, forming a low at $95,224, and now the price attempts recovery, moving above $96,000 and clearing the 23.6% Fib retracement level of the downward move from the $98,826 swing high to the $95,224 low.

Bitcoin is trading below $96,500 and the 100-hourly Simple Moving Average. Immediate resistance is near $96,400, with a key bearish trend line also forming at this level.

The first key resistance is near the $97,000 level or the 50% Fib retracement level from the recent downward move. The next key resistance could be $98,000. A close above this level could push the price towards $98,800, with potential gains even reaching $100,000 or $100,500.

More Losses In BTC?

If Bitcoin fails to rise above the $97,000 resistance zone, it may see a fresh decline. Immediate downside support is near $95,500, followed by major support at $95,200. The next level to monitor is the $95,000 zone; further losses may send the price to the $93,500 support in the near term, with the main support situated at $92,200.

Technical Indicators:

• Hourly MACD: The MACD is losing momentum in the bearish zone.
• Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now below the 50 level.

Major Support Levels:

• $95,500
• $95,000

Major Resistance Levels:

• $97,000
• $98,000