Bitcoin, the world’s most popular cryptocurrency, has recently witnessed a fresh decline from the $97,500 zone. The price has dropped below the $96,200 mark and is presently retesting the $95,000 support zone. There is the possibility that Bitcoin might struggle to recover from this dip, as it is also trading below the 100 hourly Simple Moving Average.
A key bearish trend line is forming with resistance at $96,000 on the hourly chart of the BTC/USD pair, according to data from Kraken. There is a glimmer of hope, however, as the pair could potentially see an increase if it manages to stay above the $95,000 zone.
Unfortunately, Bitcoin’s recent price dip was further exacerbated when it failed to clear the $98,500 and $98,000 resistance levels. BTC formed a top and then began a fresh decline below the $96,500 level. This fall was not gentle, as there was a marked move below the $96,200 support level.
The price even dipped below the $95,000 level. Despite this, the bulls made their presence known near the $93,400 mark. A low was formed at $93,388 and Bitcoin is now seeking to recover from this drop, with a move above the $95,000 level.
The current resistance on the upside is near the $96,000 level. If Bitcoin fails to rise above this resistance zone, it could instigate a fresh decline. Immediate support on the downside is pegged near the $95,000 level, with the first major support near the $94,200 level.
Any further losses could potentially send the price toward the $92,200 support in the near term. The main support is stationed at $91,000. However, a close above the $96,750 resistance might propel the price further higher, potentially testing the $97,500 resistance level. Any further gains might send the price toward the $98,200 level or even $98,500.
Technical indicators such as the hourly MACD suggest that the MACD is now losing pace in the bearish zone. The hourly RSI (Relative Strength Index) for BTC/USD is now below the 50 level, indicating that the cryptocurrency is currently in a bearish phase.
Major support levels are positioned at $95,000, then $94,200, while major resistance levels are located at $96,000 and $98,000. As Bitcoin navigates through these turbulent times, investors and traders alike are keeping a close eye on these crucial price levels.
