Bitcoin Price Action Turns Unsteady, Downside Threat Grow

Bitcoin price started a fresh decline below $94,000. BTC is consolidating losses and remains at risk of more losses if it dips below $91,500.

• Bitcoin started a sharp decline below $94,000 and $93,000.
• The price is trading below $93,000 and the 100 hourly Simple moving average.
• There is a bearish trend line forming with resistance at $94,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to move down if it stays below the $94,000 zone.

Bitcoin price failed to stay above the $93,500 support and started a fresh decline. BTC declined sharply below the $93,000 and $92,500 support levels.

The bears even pushed the price below $92,000. A low was formed at $91,866, and the price is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the recent decline from the $95,475 swing high to the $91,866 low.

However, the bears remained active near $93,200. Besides, there is a bearish trend line forming with resistance at $94,600 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $93,000 and the 100 hourly Simple moving average. If the price remains stable above $92,000, it could attempt a fresh increase. Immediate resistance is near the $92,800 level. The first key resistance is near the $93,200 level.

The next resistance could be $93,650 or the 50% Fib retracement level of the recent decline from the $95,475 swing high to the $91,866 low. A close above the $93,650 resistance might send the price further higher. In the stated case, the price could rise and test the $94,000 resistance. Any more gains might send the price toward the $94,500 level. The next barrier for the bulls could be $95,000 and $95,500.

If Bitcoin fails to rise above the $93,650 resistance zone, it could start another decline. Immediate support is near the $92,000 level. The first major support is near the $91,800 level.

The next support is now near the $91,200 zone. Any more losses might send the price toward the $90,500 support in the near term. The main support sits at $90,000, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $92,000, followed by $91,800.

Major Resistance Levels – $93,650 and $94,000.