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Bitcoin Price Remains Under Pressure—Can It Break Free?

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Bitcoin price started another decline below the $96,200 zone. BTC is retesting the $95,000 support zone and might struggle to recover losses.

  • Bitcoin started a fresh decline from the $97,500 zone.
  • The price is trading below $96,200 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it stays above the $95,000 zone.

Bitcoin Price Dips Further

Bitcoin price failed to clear the $98,500 and $98,000 resistance levels. BTC formed a top and started a fresh decline below the $96,500 level. There was a clear move below the $96,200 support level.

The price even dipped below the $95,000 level. However, the bulls appeared near $93,400. A low was formed at $93,388 and the price is now attempting to recover. There was a move above the $95,000 level. The price cleared the 23.6% Fib retracement level of the downward move from the $98,825 swing high to the $93,288 low.

Bitcoin price is now trading below $96,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $96,000 level. There is also a key bearish trend line forming with resistance at $96,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $96,200 level or the 50% Fib retracement level of the downward move from the $98,825 swing high to the $93,288 low. The next key resistance could be $96,750.

Bitcoin Price

A close above the $96,750 resistance might send the price further higher. In the stated case, the price could rise and test the $97,500 resistance level. Any more gains might send the price toward the $98,200 level or even $98,500.

More Losses In BTC?

If Bitcoin fails to rise above the $96,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $95,000 level. The first major support is near the $94,200 level.

The next support is now near the $93,400 zone. Any more losses might send the price toward the $92,200 support in the near term. The main support sits at $91,000.

Technical indicators:

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

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

Major Support Levels – $95,000, followed by $94,200.

Major Resistance Levels – $96,000 and $98,000.

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