Bears Lead the Charge as Bitcoin Price Comes Under Increasing Pressure
The price of Bitcoin saw a continued drop, falling below the $95,000 mark. BTC is currently undergoing a correction after recent gains and struggling to surpass the $96,500 threshold.
- Bitcoin initiated a new downward trend from the resistance barrier at $97,500.
- As of now, the price is trading under $97,000 and the 100-hourly Simple Moving Average.
- An evident bearish trend line is emerging with a resistance level at $94,900 on the BTC/USD hourly chart.
- If the pair manages to hold above the $92,500 support region, there might be a potential upward movement.
Bitcoin Price Plunges Below $95K
Bitcoin failed to initiate a recovery and break above the $98,000 resistance. Remaining in a short-term bearish zone, BTC extended its losses below $96,500.
The drop resulted in breaching the $95,000 support level, reaching as low as $92,501. Currently, the price is consolidating losses below the 23.6% Fibonacci retracement level from the recent high to low swing.
Currently trading below $96,500 and the 100-hourly Simple Moving Average, the immediate resistance is around $95,000. Moreover, a bearish trend line with resistance at $94,900 has formed on the BTC/USD hourly chart.
The primary resistance lies at $96,500. A clear breakout above this level could potentially drive the price upwards, targeting the $97,500 or the 50% Fibonacci retracement level.
Breaking above the $97,500 resistance could trigger further gains, with a potential test of the $98,800 mark. Subsequent growth may lead the price to $100,000.
Possible Downward Movement for BTC?
If Bitcoin fails to surpass the $95,000 resistance, a fresh decline may ensue. Immediate support is expected near $93,500.
The primary support levels are around $92,500 and $92,000, with a further drop potentially reaching the $91,500 mark in the short term.
Technical indicators:
Hourly MACD Currently showing bearish momentum.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD now indicates a level below 50.
Major Support Levels $93,500, followed by $92,500.
Major Resistance Levels $95,000 and $96,500.
The post Bears Lead the Charge as Bitcoin Price Comes Under Increasing Pressure appeared first on Crypto Breaking News.
Text source: Crypto Breaking News
