Increasing Risk of Bitcoin Price Drop in Uncertain Market Conditions
The price of Bitcoin is currently consolidating below the $95,500 threshold, displaying bearish indicators that could hinder a recovery beyond $95,800.
- Bitcoin initiated a rebound from the $91,150 range.
- Currently, the price is situated below $94,500 and the 100-hourly Simple Moving Average.
- An advancement occurred above a bearish trend line, breaking through resistance at $93,650 on the hourly BTC/USD chart (Kraken data feed).
- If the pair maintains above the $92,500 support area, it may see another uptick.
Bitcoins Struggle Below $95K
Bitcoins value recently embarked on a brief recuperation above the $92,000 resistance mark. The digital asset managed to surpass both $93,500 and $94,000 levels.
Bulls facilitated an elevation over the 23.6% Fibonacci retracement level of the drop from the $102,761 peak to the $91,168 low. Furthermore, a bearish trend line was breached with resistance at $93,650 on the BTC/USD hourly chart.
Nevertheless, resistance persists around the $95,800 mark. Bitcoins current position is below $95,000 and the 100-hourly Simple Moving Average. Immediate resistance is anticipated near the $95,000 level.
Primary resistance is situated at $95,800. A decisive breach above this threshold could propel the price upwards, possibly towards $97,000 or the 50% Fibonacci retracement level from the $102,761 peak to the $91,168 low.
A breakthrough above the $97,000 resistance could signal further upward movement, potentially testing the $98,800 resistance. Sustained momentum might drive the price towards $99,500.
Possible Decline for BTC?
If Bitcoin fails to surpass the $95,800 resistance level, a downturn may ensue. Immediate support lies near $92,500.
The initial significant support rests at $92,000, followed by the $91,200 zone. Further descent could lead the price to the $90,000 support level in the short run.
Technical Indicators:
Hourly MACD The MACD is indicating a downward trend.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently below 50.
Key Support Levels $92,500, then $91,200.
Key Resistance Levels $95,000 and $95,800.
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