Bitcoin price started a new decline below $94,000. BTC Losses are widening and there is still a risk of further losses if we fall below $91,500.
- Bitcoin began a steep decline below $94,000 and $93,000.
- The price is trading below the $93,000 and 100 hourly simple moving average.
- On the hourly chart, resistance has formed at $94,600, forming a bearish trend line. BTC/USD pair (data feed from Kraken).
- If the price remains below the $94,000 zone, the decline could continue.
Bitcoin price turns red
Bitcoin price failed to break above the $93,500 support and a new decline began. BTC It fell sharply below the $93,000 and $92,500 support levels.
The bears pushed the price below $92,000. A low was formed at $91,866 and the price is currently consolidating losses. There was a small recovery wave above the 23.6% Fib retracement level of the recent decline from the swing high of $95,475 to the low of $91,866.
However, the bears remained active near the $93,200 level. Additionally, there is a bearish trend line forming resistance at $94,600 on the hourly chart. BTC/USD pair.
Bitcoin is currently trading below $93,000 and its 100 hourly simple moving average. If the price remains stable above $92,000, it could attempt a new rally. Immediate resistance is near the $92,800 level. The first major resistance level is near the $93,200 level.
The next resistance level could be $93,650, or the 50% Fib retracement level of the recent decline from the swing high of $95,475 to the low of $91,866. If the price closes above the $93,650 resistance, the price could move higher. In the above case, the price could rise and test the $94,000 resistance. Any further rise could push the price closer to the $94,500 level. The next hurdles for the bulls could be $95,000 and $95,500.
downside break in BTC?
If Bitcoin fails to rise above the $93,650 resistance zone, further decline could begin. Immediate support is near the $92,000 level. The first major support is near the $91,800 level.
The next support is currently located near the $91,200 zone. Any further losses could send the price towards the $90,500 support in the short term. The primary support amount is $90,000, but below that. BTC The decline may accelerate in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI BTC/USD is currently below the 50 level.
Major support level – $92,000, then $91,800.
Key resistance levels – $93,650 and $94,000.
