Bitcoin Price Holds Above $94,200 Support Amid Ongoing Decline
Bitcoin price remains supported above the $94,200 zone, forming a base and potentially increasing above the $98,000 resistance.
- Bitcoin declined below the $98,000 support zone.
- The price is trading below $97,500 and the 100 hourly Simple Moving Average.
- A key bearish trend line is forming with resistance at $97,800 on the BTC/USD hourly chart (data feed from Kraken).
- The pair could regain momentum if it closes above the $98,000 resistance zone.
Bitcoin Price Stays Above Support
Bitcoin price extended losses below the $98,000 support zone, moving below $96,500 and spiking below $95,000.
A low was formed at $94,314, with current consolidation of losses. The price recovered above $96,650, climbing past the 61.8% Fib retracement level from the $98,267 high to the $94,314 low.
Currently, Bitcoin trades below $98,000 and the 100 hourly Simple Moving Average. Resistance is near $97,500, close to the 76.4% Fib retracement level of the downward move from the $98,267 swing high to the $94,314 low.
The first key resistance level is near $98,000, with a bearish trend line at $97,800 on the hourly chart.
A clear move above the $98,000 resistance may lead to further increases, with the next key resistance at $98,800. A close above this level could push the price toward $100,000, with potential gains extending to $102,000.
Potential Further Decline in BTC?
If Bitcoin does not rise above the $98,000 resistance zone, another downside correction may occur. Immediate support is near $96,500.
Major support levels include $95,000 and $94,250, with potential losses pushing the price toward the $92,000 support level.
Technical indicators:
Hourly MACD – Losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – Below the 50 level.
Major Support Levels – $96,500, followed by $95,000.
Major Resistance Levels – $98,000 and $98,800.