Bitcoin has recently experienced a decline, dropping below the critical $100,000 level. This downward trend has raised concerns about its potential to continue falling towards significant support levels, particularly around $91,200.
After reaching its resistance at $100,000, Bitcoin began its downward journey. The cryptocurrency is currently trading below $98,000 and has slipped beneath the 100-hourly Simple Moving Average. A bearish trend line has emerged with resistance positioned at approximately $95,850 on the hourly chart for the BTC/USD pair. Should Bitcoin manage to maintain its position above the $92,000 support level, it may initiate a fresh upward movement.
The latest losses indicate that Bitcoin has not been able to establish itself above previous price levels, with declines noted beneath the $98,000 and $96,500 levels. During this downturn, the price dipped even lower to around $92,250, forming a low at $92,159 before a brief recovery attempt. Unfortunately, bullish momentum was short-lived as sellers quickly re-entered near the $100,000 resistance. The high during this period reached approximately $99,575 before the subsequent drop resumed.
As it stands, Bitcoin ’s current trading price remains below $98,000 while encountering the 76.4% Fibonacci retracement level from the recent recovery wave. Immediate resistance is observed near the $95,000 level, with a key resistance level closer to $95,850. A successful breach of this resistance could signal a potential move towards $97,800, and if momentum continues, prices may challenge the $100,000 level again.
Conversely, should Bitcoin fail to surpass the $95,850 resistance, it risks further decline. Immediate support is identified at $93,800, followed closely by crucial levels at $92,500 and $91,200. If this bearish momentum persists, the price could potentially target support around $90,000 in the near future. Technical indicators further suggest a bearish trend, with the hourly MACD indicating increased bearish momentum and the RSI testing levels below 50.
