Bitcoin Price Falls Short Again—Is a Deeper Decline Coming?

Bitcoin price is struggling to clear the $100,000 resistance zone. BTC is again moving lower and might decline toward the $95,000 support.

• Bitcoin started a fresh decline from the $98,500 zone.
• The price is trading below $97,000 and the 100 hourly Simple moving average.
• There was a break below a major bullish trend line with support at $97,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $96,000 zone.

Bitcoin Price Dips Again

Bitcoin price remained in a range above the $95,000 support level. BTC started a decent increase above the $97,000 level, but it failed to clear the $98,800 resistance zone.

A high was formed at $98,826 and the price is now moving lower. There was a move below the $97,000 and $96,500 support levels. The price dipped below the 50% Fib retracement level of the upward move from the $95,352 swing low to the $98,826 high.

There was also a break below a major bullish trend line with support at $97,500 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $96,500 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $96,800 level. The first key resistance is near the $97,000 level. The next key resistance could be $98,000. A close above the $98,000 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $100,000 level or even $100,500.

More Losses In BTC?

If Bitcoin fails to rise above the $97,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,150 level or the 76.4% Fib retracement level of the upward move from the $95,352 swing low to the $98,826 high. The first major support is near the $95,500 level.

The next support is now near the $95,000 zone. Any more losses might send the price toward the $93,500 support in the near term. The main support sits at $92,200.

Technical indicators:

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

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

Major Support Levels – $96,000, followed by $95,000.

Major Resistance Levels – $97,000 and $98,000.