Bitcoin has experienced a notable decline, falling below the $100,000 mark and currently testing the $92,000 support level. The price has struggled to regain footing after encountering resistance around the $102,000 level.
Following a downward trend from the $102,000 resistance, Bitcoin ’s value has solidified below that level, alongside the 100-hour simple moving average. Recent trading activity has revealed a significant bearish trend line, establishing resistance at approximately $98,500 on the hourly chart of the BTC/USD pair. The market appears poised for a potential recovery if prices can remain above the support level of $95,500.
After failing to rebound, Bitcoin continued its downward trajectory, pushing through critical levels such as $100,000 and $98,000. It even dipped below $96,500, reaching a low point of $95,586 before entering a phase of consolidation. The current trading position suggests that the price may struggle to breach the $98,500 resistance, which correlates with a key Fibonacci retracement level.
For Bitcoin to demonstrate any signs of reversal, a decisive breakout above the $100,000 level is necessary. Achieving this could provide momentum for a further advance toward the $102,000 level. If such an upward movement occurs, it may lead to a test of the $103,400 resistance or higher Fibonacci retracement levels.
Conversely, should Bitcoin lose traction at the established resistance zone, it may see further declines. Immediate downside support is located around $96,200, followed by $95,500. If the selling pressure escalates, the next significant support level could be tested near $93,200, pushing Bitcoin closer to the $92,000 support level in the near future. Current technical indicators suggest a bearish sentiment, with both the MACD and the Relative Strength Index indicating pressure on Bitcoin ’s price action.
