Bitcoin price extended losses and traded below the $95,000 area. BTC is showing bearish signs and may drop further below the $92,000 level.
- Bitcoin started a new low below the $95,000 area.
- The price is trading below $94,000 and the hourly moving average is 100.
- There is a major bearish line forming with resistance at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new uptrend if it stays above the $92,000 support area.
Bitcoin Price Revisits Support
Bitcoin price failed to start another rally and extended losses below the $98,000 area. BTC found bearish momentum below the $96,500 and $95,500 levels.
The price has dropped to under $92,500. A low was formed at $92,417 and the price is now covering losses. There was a slight rise above the $94,000 level. The price rose above the 23.6% Fib retracement level from the $99,575 swing high to the $92,417 low.
Bitcoin price is now trading below $95,000 with a moving average of 100 per hour. There is also a key bearish line forming with resistance at $95,000 on the hourly chart of the BTC/USD pair.
On the downside, immediate resistance is near the $95,000 level. The first key resistance is near the $96,000 level or the 50% Fib retracement level to the downside from the $99,575 swing high to the $92,417 low. A clear move above the $96,000 resistance could send the price higher.
The next key resistance would be $96,800. A close above the $96,800 resistance could send the price even higher. In the mentioned case, the price can rise and test the resistance level of $97,500. Any further gains could send the price to the $98,000 level.
More Drops in BTC?
If Bitcoin fails to rise above the $95,000 resistance area, it could continue to decline. Immediate support on the downside is near the $92,400 level.
The first major support is near the $92,000 level. The next support is now near the $91,200 area. Another loss could send the price to the $90,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in bearish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.
Major Support Levels – $92,500, followed by $91,200.
Major Objection Levels – $95,000 and $96,000.
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