Bitcoin Price Corrects Below $95,000 Support to $90,000 Level

Bitcoin price is correcting gains below the $95,000 support. BTC traded close to the $90,000 level and is currently consolidating near $92,500.

Current Market Conditions

Bitcoin initiated a downside correction below the $95,000 zone.
The price trades below $94,500 and the 100 hourly Simple Moving Average.
A bearish trend line forms with resistance at $93,500 on the BTC/USD hourly chart (data feed from Kraken).
The pair may increase if it surpasses the $93,500 resistance zone.

Bitcoin Price Correction Details

Bitcoin struggled to extend gains and began a downside correction below the $97,500 level, dipping under $96,000 and $95,000, reaching a low of $90,736. The price has since risen above the $91,800 resistance level, clearing the 23.6% Fib retracement level from the downward move between the $98,880 swing high and the $90,736 low.

Currently, Bitcoin trades below $95,000 and the 100 hourly Simple Moving Average. Resistance is anticipated near the $93,500 level, coinciding with the bearish trend line on the hourly chart. The first key resistance lies around $94,800, near the 50% Fib retracement level from the same downward move.

A decisive move above the $94,800 resistance could push the price higher, targeting the next resistance at $95,750. A close above this level might lead to further increases, potentially testing the $97,500 resistance level. Additional gains could drive the price toward $98,000.

Potential Downside Risks

If Bitcoin does not rise above the $93,500 resistance zone, another downside correction may occur. Immediate support is near $91,800, followed by significant support at $90,500. Further losses could bring the price down toward the $90,000 zone, with potential declines extending to the $88,000 support level.

Technical Indicators

Hourly MACD: Gaining momentum in the bullish zone.
Hourly RSI: Currently below the 50 level.
Major Support Levels: $91,800 and $90,500.
Major Resistance Levels: $93,500 and $94,750.