Bitcoin Price Declines Below $95,000 Amid Bearish Momentum

Bitcoin price declined below the $95,000 mark and is showing bearish trends, potentially falling under the $92,000 level.

Bitcoin began a decline below $95,000.
The price is trading below $94,000 and the 100 hourly Simple Moving Average.
A key bearish trend line is forming with resistance at $95,000 on the hourly chart of the BTC/USD pair (data from Kraken).
The pair may increase if it remains above the $92,000 support zone.

Bitcoin Price Revisits Support

Bitcoin failed to initiate an upward movement, extending losses below $98,000. BTC experienced bearish momentum below the $96,500 and $95,500 levels.

The price dropped below $92,500, reaching a low of $92,417, and is now consolidating losses. A minor recovery occurred above $94,000, surpassing the 23.6% Fib retracement level of the decline from the $99,575 high to the $92,417 low.

Currently, Bitcoin is trading below $95,000 and the 100 hourly Simple Moving Average. The bearish trend line at $95,000 serves as immediate resistance.

Immediate resistance is near $95,000, with the first key resistance around $96,000 or the 50% Fib retracement level from the $99,575 swing high to the $92,417 low. A successful breakthrough above $96,000 could lead to further price increases.

The next key resistance might be at $96,800. Closing above this level could push the price higher, potentially testing the $97,500 resistance level. Additional gains could bring the price toward the $98,000 level.

More Downsides In BTC?

If Bitcoin does not rise above the $95,000 resistance zone, further declines are likely. Immediate downside support is near $92,400.

The first major support level is at $92,000, followed by $91,200. Continued losses may result in a drop towards the $90,000 support level.

Technical indicators:

Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index): Below the 50 level.
Major Support Levels: $92,500, then $91,200.
Major Resistance Levels: $95,000 and $96,000.