Bitcoin price did not exceed $100,000 and corrected gains. BTC has returned below $96,500 and may visit the $93,200 support zone again.

• Bitcoin started a modern decline from the $99,400 zone.
• The price is trading below $96,500 and Elementary’s 100-hour moving average.
• There was a break below the connecting bullish trend line with support at $98,400 on the hourly chart of the BTC/USD pair (feeding data from Kraken).
• The pair could start another rally if it holds above the $95,000 support zone.

Bitcoin prices are falling again

Bitcoin price has started a decent upward move above the $96,500 resistance zone. BTC was able to climb above the $97,500 and $98,000 resistance levels.

The pair broke through the $99,000 resistance level and reached close to $100,000. The all-time high has formed at $99,400, and the price has recently started falling again. There has been a move below the $96,500 support. The price fell below the 50% Fib retracement level of the rising wave from a low of $92,415 to a high of $99,400.

Additionally, there was a break below the converging bullish trendline with support at $98,400 on the hourly chart of the BTC/USD pair. Bitcoin price is currently trading below $96,500 and the 100-hour basic moving average.

The price is currently trading in the $95,000 zone and the 61.8% Fib retracement level of the rising wave from a low of $92,415 to a high of $99,400. On the other hand, immediate resistance is located near the $96,400 level. The first key resistance is near the $97,750 level.

A clear move above the resistance at $97,750 could result in a price escalate. The next key resistance could be $99,000. A close above the $99,000 resistance 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.

Greater BTC losses?

If Bitcoin does not rise above the $96,500 resistance zone, it may continue to decline. Immediate downside support is located near the $95,200 level.

The first major support is near the $95,000 level. The next support is now near the $93,800 zone. Any further losses could push the price towards the $92,500 support in the near future.

Technical Indicators:

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

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

Main support levels – $95,000, then $93,800.

Major resistance levels – $96,500 and $97,750.