Bitcoin price has found support near $88,500. BTC has now corrected some losses, but faces a number of hurdles near $92,500 and $93,500.
- Bitcoin began a new decline below $93,000 and $92,500.
- The price is trading below the $93,000 and 100 hourly simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trendline forming with resistance at $93,500.
- If it breaks below the $90,000 zone, the pair could continue to fall.
Bitcoin price faces hurdles
Bitcoin price did not stay in the positive zone above the $92,000 level. BTC bears remained active below $92,000, pushing the price lower.
The bears gained momentum and were able to push the price below the $89,500 zone. A low was formed at $88,570 and the price is currently attempting a recovery wave. There was a move above the 50% Fib retracement level of the recent decline from a swing high of $93,747 to a low of $88,570.
Bitcoin is currently trading below $93,000 and its 100 hourly simple moving average. Additionally, a bearish trend line has formed on the hourly chart of the BTC/USD pair with resistance at $93,500.
If the bulls attempt another wave of recovery, the price could face resistance near the $92,500 level and the 76.4% fibritracement level of the recent decline from a high of $93,747 to a low of $88,570. The first major resistance is near the $93,500 level and trendline.
The next resistance level could be at $93,750. If the price closes above the $93,750 resistance, the price could move higher. In the above case, the price could rise and test the $94,500 resistance. Any further rise could push the price closer to the $95,000 level. The next hurdles for the bulls could be $95,500 and $96,200.
Will BTC fall again?
If Bitcoin fails to rise above the $93,500 resistance zone, further decline could begin. Immediate support is near the $91,150 level. The first major support is near the $90,500 level.
The next support is currently located near the $90,000 zone. Any further losses could send the price towards the $88,500 support in the near term. The main support lies at $86,500, below which BTC could accelerate its decline in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently above the 50 level.
Major support level – $91,150 followed by $90,500.
Key resistance levels – $92,500 and $93,500.
