Bitcoin price remained supported above the $94,200 zone. BTC is forming a base and may begin a recent rally above the $98,000 resistance.

• Bitcoin has started a recent decline below the $98,000 support zone.
• The price is trading below $97,500 and Uncomplicated’s 100-hour moving average.
• A key bearish trend line is forming on the hourly chart of the BTC/USD pair with resistance at $97,800 (feeding data from Kraken).
• The pair may regain momentum if it closes above the $98,000 resistance zone.

Bitcoin price remains above support

Bitcoin price extended losses below the $98,000 support zone. There has been a move below the $96,500 support. The price even rose below $95,000.

The lowest level was $94,314 and the price is currently consolidating losses. There was a wave of recovery above the $96,650 level. The price rose above the 61.8% Fib retracement level of the bearish wave from a high of $98,267 to a low of $94,314.

Bitcoin price is currently trading below $98,000 and the 100-hour basic moving average. On the other hand, the price may face resistance near the $97,500 level. It is close to the 76.4% Fib retracement level of the bearish wave from a high of $98,267 to a low of $94,314.

The first key resistance is near the $98,000 level. A key bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance at $97,800.

A clear move above the resistance at $98,000 could result in a price rally. The next key resistance could be $98,800. A close above the resistance at $98,800 could see the price rise further. In the given case, the price may rise and test the resistance level at $100,000. Any further gains could push the price towards the $102,000 level.

Another BTC drop?

If Bitcoin fails to rise above the $98,000 resistance zone, it could begin another downward correction. Immediate downside support is located near the $96,500 level.

The first major support is near the $95,000 level. The next support is now near the $94,250 zone. Any further losses could push the price towards the $92,000 support in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently losing momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Main support levels – $96,500, then $95,000.

Major resistance levels – $98,000 and $98,800.