Bitcoin’s price trajectory has recently taken a downturn, breaking below the crucial $100,000 mark. The cryptocurrency is currently exhibiting bearish tendencies, which may lead to further declines towards the $91,200 support zone.
Key Points on Bitcoin’s Recent Price Action
- Bitcoin initiated a new downward movement from the pivotal $100,000 resistance level.
- Presently, the price is trading under $98,000 and remains below the 100-hourly Simple Moving Average.
- A significant bearish trend line is forming, with resistance identified at $95,850 on the hourly chart of the BTC/USD pair (based on Kraken’s data feed).
- The pair might embark on a fresh increase if it holds above the $92,000 support zone.
Bitcoin Price Dips Again: A Closer Examination
The anticipated upward momentum for Bitcoin did not materialize, leading to further losses as it descended below the $100,000 threshold. The bearish momentum became evident as prices fell beneath the $98,000 and $96,500 levels. The cryptocurrency even dipped below $92,250, reaching a low at $92,159 before a recovery wave occurred. Despite this, the bearish trend persisted as the price faced resistance near the $100,000 level, forming a peak at $99,575 before resuming its decline.
This decline saw Bitcoin trade below the $96,500 level, with a notable move below the 50% Fibonacci retracement level, calculated from the recovery wave’s $92,159 low to the $99,575 high. Additionally, a key bearish trend line is forming with resistance at $95,850 on the hourly BTC/USD chart.
Currently, Bitcoin is trading below $98,000 and the 100-hourly Simple Moving Average. The price is also testing the 76.4% Fibonacci retracement level derived from the $92,159 low to the $99,575 high. Immediate resistance is located near the $95,000 level, with a more significant resistance at $95,850. A definitive move above this resistance might propel the price higher, targeting the next resistance at $97,800. Successfully closing above $97,800 could further elevate Bitcoin’s price, potentially testing the $98,500 resistance level. Should the momentum continue, reaching the $100,000 level becomes plausible.
Potential Further Declines for BTC
Should Bitcoin fail to surpass the $95,850 resistance zone, it may continue its downward trajectory. Immediate support on the downside is expected near the $93,800 level. The primary support level is around $92,500, followed by the critical $91,200 zone. If the decline persists, Bitcoin may find itself approaching the $90,000 support level in the short term.
Technical Indicators
- Hourly MACD: The MACD is gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently below the 50 mark.
- Major Support Levels: $92,500, followed by $91,200.
- Major Resistance Levels: $95,850 and $97,800.
This comprehensive analysis provides a clearer picture of Bitcoin’s current market dynamics, helping investors and traders make informed decisions. Monitoring these key levels and indicators can provide insights into potential future price movements of Bitcoin.
