Bitcoin Price Takes Another Hit: Bears Tighten Their Grip

Bitcoin price failed to surpass $100,000 and corrected gains. BTC is back below $96,500 and might revisit the $93,200 support zone.

• Bitcoin started a fresh decline from the $99,400 zone.
• The price is trading below $96,500 and the 100 hourly Simple moving average.
• There was a break below a connecting bullish trend line with support at $98,400 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 support zone.

Bitcoin Price Dips Again

Bitcoin price started a decent upward move above the $96,500 resistance zone. BTC was able to climb above the $97,500 and $98,000 resistance levels.

The pair cleared the $99,000 resistance level and traded close to the $100,000 resistance level. A high was formed at $99,400 and the price recently started a fresh decline. There was a move below the $96,500 support. The price dipped below the 50% Fib retracement level of the upward wave from the $92,415 swing low to the $99,400 high.

Besides, there was a break below a connecting bullish trend line with support at $98,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $96,500 and the 100 hourly Simple moving average.

The price is now holding the $95,000 zone and the 61.8% Fib retracement level of the upward wave from the $92,415 swing low to the $99,400 high. On the upside, immediate resistance is near the $96,400 level. The first key resistance is near the $97,750 level.

A clear move above the $97,750 resistance might send the price higher. The next key resistance could be $99,000. A close above the $99,000 resistance might send the price further higher. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $96,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $95,200 level.

The first major support is near the $95,000 level. The next support is now near the $93,800 zone. Any more losses might send the price toward the $92,500 support in the near term.

Technical indicators:

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

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

Major Support Levels – $95,000, followed by $93,800.

Major Resistance Levels – $96,500 and $97,750.