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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Bitcoin Price Tumbles 5%—Key Support Levels in Focus

Aayush Jindal
Aayush Jindal
6 months ago
2 mins read
Bitcoin Price Tumbles 5%

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Bitcoin price started a fresh decline below the $95,000 support. BTC must stay above the $90,000 zone to avoid more losses in the near term.

  • Bitcoin started a fresh decline from the $98,500 zone.
  • The price is trading below $95,500 and the 100 hourly Simple moving average.
  • There is a short-term triangle forming with resistance at $92,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another decline if it fails to stay above the $90,000 zone.

Bitcoin Price Dips Further

Bitcoin price failed to stay above the $96,500 level and started a fresh decline. BTC declined heavily below the $95,000 and $94,200 support levels.

The price even dived below the $92,500 level. It tested the $90,800 zone. A low was formed at $90,888 and the price is now consolidating losses. It is back above the $91,500 level and now faces hurdles near the 23.6% Fib retracement level of the downward move from the $96,483 swing high to the $90,888 low.

Bitcoin price is now trading below $94,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $92,200 level. There is also a short-term triangle forming with resistance at $92,200 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $93,200 level. The next key resistance could be $93,650 or the 50% Fib retracement level of the downward move from the $96,483 swing high to the $90,888 low.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $93,650 resistance might send the price further higher. In the stated case, the price could rise and test the $94,500 resistance level. Any more gains might send the price toward the $95,500 level or even $96,400.

Another Decline In BTC?

If Bitcoin fails to rise above the $92,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $9`,500 level. The first major support is near the $90,850 level.

The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,500 support in the near term. The main support sits at $86,400.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $91,500, followed by $90,850.

Major Resistance Levels – $92,200 and $93,200.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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