Bitcoin Falls Over 3% Below $95,000 Amid Bearish Trend
Bitcoin's price is experiencing a decline, with a drop of over 3%, struggling to recover past $96,500 and potentially falling below $92,000.
- BTC started declining below $95,000 and $94,500.
- Currently trades below $98,000 and the 100 hourly Simple Moving Average.
- A bearish trend line exists with resistance at $96,600 on the BTC/USD hourly chart.
- Further declines may occur if it falls below the $92,500 zone.
Current Market Dynamics
The price failed to maintain above the $95,500 pivot. Bears pushed the price below $94,000, forming a low at $92,890.
Bitcoin consolidates near the 23.6% Fib retracement level of the recent decline from $103,998 to $92,890.
If bulls initiate a recovery, resistance is expected at $95,500, $96,500, and potentially $97,200. A close above $97,200 could lead to testing $98,500, with further targets at $99,500 and beyond.
Potential Further Declines
If BTC fails to rise above $96,600, declines might continue. Immediate support is at $93,500, with major supports at $92,500 and $91,500. The main support stands at $88,500, which could lead to accelerated losses if breached.
Technical Indicators:
- Hourly MACD: Gaining momentum in the bearish zone.
- Hourly RSI: Below 50 for BTC/USD.
- Major Support Levels: $92,500, $90,000.
- Major Resistance Levels: $95,500, $96,600.