Is Another Decline Ahead?
Reasons for Confidence
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The value of Bitcoin has begun a downward adjustment below the $96,500 mark. Currently, BTC is under the $95,000 threshold and is having difficulty initiating a new upward trend.
- Bitcoin has commenced a fresh decline past the $95,500 level.
- The current price is under $95,500 and below the 100-hour Simple Moving Average.
- A bearish trend line is developing with resistance noted at $94,750 on the hourly chart for the BTC/USD pair.
- The pair could potentially initiate a rise if it surpasses the $95,750 barrier.
Bitcoin Price Encounters Resistance
Bitcoin’s value has started to retrace below the $97,200 support line. BTC has dipped below the support thresholds of $96,200 and $95,500.
The bears managed to push the price even lower than $94,500, resulting in a low of $93,570. The price is now trying to rally back above $94,000. It has surpassed the 23.6% Fibonacci retracement level of the recent drop from the $97,885 peak to the $93,570 trough.
Nonetheless, bearish pressure remains significant near the $95,000 region. Bitcoin is currently trading beneath $95,000 and the 100-hour Simple Moving Average. Immediate resistance lies at $94,750. A bearish trend line is taking shape with resistance also at this level on the hourly chart of the BTC/USD pair.
The primary resistance is around the $95,300 mark. Following that, the next resistance level could be $95,750, coinciding with the 50% Fibonacci retracement of the recent decline from the $97,885 high to the $93,570 low. A close above the $95,750 resistance could propel the price further upward. In such a case, it could challenge the $96,800 resistance zone. Additional gains may push the price towards the $98,000 mark.
Is BTC Heading for Further Losses?
If Bitcoin does not manage to overcome the $94,750 resistance area, it might initiate another downward correction. Immediate support below is found around the $93,750 mark. The first major support lies approximately at the $93,500 level.
Supporting levels continue at about $93,200. Additional declines could push the price down toward the $92,500 support in the short term. The critical support level stands at $91,200.
Technical indicators:
Hourly MACD – The MACD is building momentum within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD currently resides below the 50 mark.
Key Support Levels – $93,750, and then $93,500.
Key Resistance Levels – $94,750 and $95,750.
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