The value of Bitcoin failed to maintain its position above the $100,000 mark. BTC is currently undergoing a corrective phase and may face challenges in staying above the $96,000 support level.
- Bitcoin initiated a new downward trend after encountering resistance near $102,500.
- Currently, the price is trading below $100,000 and the 100-hourly Simple Moving Average.
- A bullish trend line with support at $98,500 was breached on the hourly chart of the BTC/USD pair (data sourced from Kraken).
- If the pair manages to hold above the $95,500 support level, there is a possibility of another upward movement.
Bitcoin Price Falls Below $100K
Bitcoin price recently made a positive move above the $98,500 resistance area, surpassing $99,200 and $100,000. However, it was unable to break through the crucial $102,500 resistance zone.
After reaching a peak at $102,759, a downward trend began, causing the price to drop below $100,000. Furthermore, a connecting bullish trend line with support at $98,500 was broken on the BTC/USD pair’s hourly chart.
The price even dipped below $96,500 before stabilizing around $96,100. Currently, it is consolidating losses below the 23.6% Fib retracement level of the previous decline from $102,759 to $96,100.
Bitcoin is now trading under $98,500 and the 100-hourly Simple Moving Average. The immediate resistance lies around $97,500, with a key resistance level at $98,500. A successful breach above $98,500 could lead to further gains.
The next significant resistance levels are $99,500 and the 50% Fib retracement level. An breakthrough above $99,500 could propel the price higher towards $102,500 and potentially $104,000.
Potential Decline in BTC?
If Bitcoin fails to surpass the $97,500 resistance, there might be a fresh downward movement. Immediate support is anticipated around $96,500, followed by a major support level near $96,100 and $95,550.
In case of further losses, the price could decline towards $93,500 in the short term.
Technical Indicators:
Hourly MACD – Bearish momentum is on the rise.
Hourly RSI (Relative Strength Index) – Currently below the 50 level.
Major Support Levels – $96,500, followed by $95,500.
Major Resistance Levels – $97,500 and $98,500.
