Bitcoin’s price trajectory has recently taken another dip after attempting to break the $95,500 barrier. Currently, BTC is trading below $94,500, and the likelihood of it revisiting the $91,200 support zone remains significant. This analysis will delve into the recent movements of Bitcoin, highlighting key resistance and support levels that may influence future price actions.
Key Highlights
- Bitcoin initiated a fresh decline from the $96,500 zone.
- The current trading price is below $95,500 and the 100-hourly Simple Moving Average (SMA).
- A bearish trend line is forming, with resistance at $94,000 on the BTC/USD hourly chart (data sourced from Kraken).
- A potential increase could occur if Bitcoin maintains above the $92,500 support zone.
Bitcoin Price Dips Again
Recently, Bitcoin demonstrated a hopeful upward momentum, surpassing the $93,500 resistance threshold. This upward trend allowed BTC to breach the $94,200 and $94,500 resistance levels, momentarily clearing the $95,000 mark. However, the ascent was short-lived, as Bitcoin encountered a downward pressure leading to a decline below the $93,500 level. A notable low was established at $92,950, prompting the price to currently consolidate its losses.
The chart analysis reveals a connecting bearish trend line, with significant resistance identified at the $94,000 mark on the BTC/USD hourly chart. This trend line closely aligns with the 23.6% Fibonacci retracement level, calculated from the recent drop from the $97,308 swing high to the $92,950 low, indicating that Bitcoin is presently trading below the $95,000 mark and the 100-hourly Simple Moving Average.
Potential Upside Movements
On the upside, immediate resistance is positioned near the $94,000 level. A breakthrough above this level could propel BTC towards the $95,000 resistance, coinciding with the 50% Fibonacci retracement level of the aforementioned decline. Should the price manage to clear the $95,000 resistance, a further upward trajectory may ensue, targeting the $95,500 mark. A successful close above this level could pave the way for Bitcoin to challenge the $96,500 resistance, potentially reaching as high as $98,000.
More Losses In BTC?
Conversely, if Bitcoin fails to overcome the $94,500 resistance zone, it may experience continued downward pressure. Immediate support on the downside is anticipated near the $93,500 level, with the first substantial support emerging at $92,800. Further decline could lead BTC towards the $92,500 zone, and additional losses might push the price closer to the critical $91,200 support level in the near term.
Technical Indicators
- Hourly MACD: The MACD is currently gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently below the 50 level, signaling potential bearish sentiment.
- Major Support Levels: $93,500, followed by $92,500.
- Major Resistance Levels: $94,500 and $95,500.
Stay informed with the latest Bitcoin price analysis and understand the key levels to watch as BTC navigates through its current market conditions. Always conduct thorough research and consider multiple perspectives before making any investment decisions.
