Bitcoin Price Breakout Dreams Crushed Again—What’s Next?

Bitcoin price failed to gain pace for a move above the $100,000 zone. BTC again declined 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.

• There is a connecting 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.

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Bitcoin Price Dips Again

Bitcoin price formed a base above the $95,500 level and started a recovery wave. BTC was able to surpass the $97,000 and $98,500 resistance levels.

The price even cleared the $99,000 resistance level. However, the bears remained active below the $100,000 level. A high was formed at $99,481 and the price started a fresh decline. There was a move below the $98,000 and $96,000 levels.

A low was formed at $94,888 and the price is now recovering. There was a move above the $95,500 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $99,481 swing high to the $94,881 low.

Bitcoin price is now trading below $97,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $96,500 level. There is also a connecting bearish trend line forming with resistance at $96,400 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $97,200 level or the 50% Fib retracement level of the downward move from the $99,481 swing high to the $94,881 low. The next key resistance could be $97,750. A close above the $97,750 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $99,500 level or even $100,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $97,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $95,500 level. The first major support is near the $95,000 level.

The next support is now near the $94,200 zone. Any more losses might send the price toward the $93,500 support in the near term. The main support sits at $92,400.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $95,500, followed by $95,000.

Major Resistance Levels – $96,500 and $97,200.