The price of Bitcoin did not exceed $95,500 and fell again. BTC has returned below $94,500 and may visit the $91,200 support zone again.

• Bitcoin started a up-to-date decline from the $96,500 zone.
• The price is trading below $95,500 and Straightforward’s 100-hour moving average.
• On the hourly chart of the BTC/USD pair, a connecting bearish trend line is forming with resistance at $94,000 (feeding data from Kraken).
• The pair could start another rally if it holds above the $92,500 support zone.

Bitcoin prices are falling again

Bitcoin price has started a decent upward move above the $93,500 resistance zone. BTC was able to climb above the $94,200 and $94,500 resistance levels.

The pair cleared the $95,000 resistance level, but gains were narrow. The price began another decline and reached below $93,500. The lowest level was $92,950 and the price is currently consolidating losses. On the hourly chart of the BTC/USD pair, a connecting bearish trend line is forming with resistance at $94,000.

The trendline is near the 23.6% Fib retracement level, which follows the recent drop from a high of $97,308 to a low of $92,950. Bitcoin price is currently trading below $95,000 and the 100-hour straightforward moving average.

On the other hand, immediate resistance is located near the $94,000 level. The first key resistance is located near the $95,000 level or the 50% Fib retracement level during the recent decline from a high of $97,308 to a low of $92,950. A clear move above the resistance at $95,000 could result in a price rally.

The next key resistance could be $95,500. A close above the resistance at $95,500 could see the price rise further. In this case, the price could move higher and test the resistance level at $96,500. Any further gains could push the price towards the $98,000 level.

Greater BTC losses?

If Bitcoin does not rise above the $94,500 resistance zone, it may continue to decline. Immediate downside support is located near the $93,500 level.

The first major support is near the $92,800 level. The next support is currently located near the $92,500 zone. Any further losses could push the price towards the $91,200 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 – $93,500, then $92,500.

Major resistance levels – $94,500 and $95,500.