Bitcoin price is struggling to test the $100,000 level. BTC is consolidating and might attempt another increase from the $95,000 support zone.
Bitcoin trimmed all gains and retested the $95,000 zone.
The price is trading below $96,500 and the 100 hourly Simple moving average.
There is a new short-term bearish trend line forming with resistance at $96,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $96,500 resistance zone.
Bitcoin Price Dips Again
Bitcoin price attempted to clear the $98,000 resistance zone. However, the bears remained in action and BTC trimmed most gains. There was a move below the $96,500 support zone.
The price even spiked below $95,000. A low was formed at $94,450 and the price is now consolidating losses. There was a minor increase above the $95,200 level. The price tested the 50% Fib retracement level of the downward move from the $97,396 swing high to the $94,450 low.
Bitcoin price is now trading below $96,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $96,250 level. There is also a new short-term bearish trend line forming with resistance at $96,250 on the hourly chart of the BTC/USD pair.
The trend line is close to the 61.8% Fib retracement level of the downward move from the $97,396 swing high to the $94,450 low. The first key resistance is near the $96,800 level. A clear move above the $96,800 resistance might send the price higher.
The next key resistance could be $98,000. A close above the $98,000 resistance might initiate more gains. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $100,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $96,250 resistance zone, it could start another downside correction. Immediate support on the downside is near the $95,000 level.
The first major support is near the $94,500 level. The next support is now near the $93,200 zone. Any more losses might send the price toward the $91,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $95,000, followed by $94,500.
Major Resistance Levels – $96,250, and $98,000.
