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Bitcoin price is consolidating above the $95,000 support zone. BTC is struggling and might extend losses if it stays below the $100,000 level.
- Bitcoin started a fresh decline from the $98,500 resistance zone.
- The price is trading below $96,500 and the 100 hourly Simple moving average.
- There was a break below a connecting bullish trend line with support at $96,670 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $97,600 zone.
Bitcoin Price Dips Again
Bitcoin price failed to continue higher above the $100,000 zone. It started another decline below the $96,500 zone. BTC gained bearish momentum for a move below the $96,000 and $95,500 levels.
There was a break below a connecting bullish trend line with support at $96,670 on the hourly chart of the BTC/USD pair. The price tested the $95,000 zone and recently recovered some losses. There was a move above the $95,750 level.
The price surpassed the 23.6% Fib retracement level of the downward move from the $98,442 swing high to the $94,899 low. Bitcoin price is now trading below $96,500 and the 100 hourly Simple moving average.
On the upside, immediate resistance is near the $96,650 level. The first key resistance is near the $97,000 level. The next key resistance could be $97,600 or the 76.4% Fib retracement level of the downward move from the $98,442 swing high to the $94,899 low.
A close above the $97,600 resistance might send the price further higher. In the stated case, the price could rise and test the $98,500 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 $97,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $95,500 level. The first major support is near the $95,000 level.
The next support is now near the $93,500 zone. Any more losses might send the price toward the $92,000 support in the near term. The main support sits at $91,000.
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 – $95,500, followed by $95,000.
Major Resistance Levels – $97,000 and $98,000.
