Bitcoin Price Declines Below $96,800, Retesting $95,500 Support Zone

Bitcoin is experiencing a decline below the $96,800 level, retesting support at $95,500.

Decline initiated from the $98,000 zone.
Current trading below $96,500 and the 100 hourly Simple Moving Average.
Key bearish trend line resistance at $96,400 on the BTC/USD hourly chart.
Potential for recovery if maintained above $95,000.

Price Analysis

Bitcoin failed to breach $99,000 and $100,000 resistance levels, leading to a decline below $97,000. A low of $95,224 was established with subsequent attempts to recover seen above $96,000.

Immediate resistance lies near $96,400, while significant resistance points are at $97,000 (50% Fib retracement) and $98,000. A close above $98,000 could lead to further gains toward $98,800 or even $100,000.

Outlook for Further Losses

If Bitcoin does not surpass the $97,000 resistance, it may see further declines. Key support levels to watch include:

Immediate support around $95,500
Major support at $95,200
Next support level at $95,000
Further losses could approach $93,500, with main support at $92,200

Technical indicators show a weakening MACD in the bearish zone and an RSI below 50.