Bitcoin Price Consolidates Losses Below $95,000
Bitcoin’s price has fallen below $95,000 and could decline further if it fails to maintain support at $92,000. Key resistance levels exist at $95,000 and $96,000, with significant attention needed on the immediate support near $92,400. Technical indicators are currently showing bearish trends.
Bitcoin’s price has recently experienced a decline, falling beneath the $95,000 mark. The cryptocurrency exhibits bearish indicators and appears poised for a significant dip, potentially descending below the $92,000 level. Currently, Bitcoin trades below $94,000 and the 100-hour Simple Moving Average, with notable resistance forming at $95,000.
After a recent drop, Bitcoin’s price briefly dipped below $92,500, forming a low at $92,417. Although the price has since seen a slight uptick, it remains below the $95,000 benchmark. Additionally, there is a slight rise above the 23.6% Fibonacci retracement level associated with the prior decrease from the $99,575 high to the observed low.
Immediate resistance is identified around the $95,000 threshold, followed by a more critical level at $96,000, coinciding with the 50% Fibonacci retracement. Should Bitcoin’s price exceed the $96,000 resistance, there exists potential for further upward movement, potentially approaching the next resistance level of $96,800, and beyond.
Conversely, if Bitcoin does not manage to breach the $95,000 resistor, it may continue to decline. Key support levels include $92,400, $92,000, and $91,200. If Bitcoin’s loss continues, it could challenge the significant support level around $90,000 in the near future.
Technical indicators suggest a bearish trend, with the Hourly MACD indicating increasing bearish momentum and the Hourly RSI for BTC/USD remaining below the 50 threshold. This trend further emphasizes the importance of close monitoring of the aforementioned support and resistance levels.
In conclusion, Bitcoin’s price is currently navigating a bearish phase, hovering below $95,000 and potentially plunging further if it cannot reclaim this resistance level. The immediate focus lies on the support below $92,400, with significant implications for movements towards $90,000. Monitoring these technical indicators is crucial in forecasting Bitcoin’s short-term trajectory. Moreover, any upward movement beyond key resistance levels such as $95,000 and $96,000 may signal a shift in market sentiment, leading to possible price recovery.
Original Source: coinmarketcap.com
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