Bitcoin Price Declines Below $100,000 with Key Support at $96,500

Bitcoin is experiencing a decline, currently trading below the $100,000 level and struggling to maintain support at $96,500.

Price has dropped below $99,500 and the 100 hourly Simple Moving Average.
A bearish trend line is forming with resistance at $99,000.
Potential recovery may occur if Bitcoin remains above $95,500.

Current Market Situation

Bitcoin failed to sustain momentum above $102,500, leading to a decline below key levels of $98,500 and $97,500. The price tested the $96,500 support zone and is consolidating losses.

Immediate resistance is near $98,000, with the first major resistance at $99,000. A close above $100,000 could lead to further gains towards $102,500 and possibly $103,500.

Outlook for BTC

If Bitcoin does not surpass the $99,000 resistance, it risks further declines. Immediate support is at $96,500, with significant support at $95,500 (61.8% Fib retracement). Additional support is located around $93,750.

Technical indicators show:

Hourly MACD indicating loss of bullish momentum.
Hourly RSI below the 50 level.
Major support levels: $96,500, followed by $95,500.
Major resistance levels: $99,000 and $100,000.