Bitcoin Price Gradually Slips: Can Bulls Hold Key Support?

Bitcoin price is consolidating above the $95,000 support zone. BTC is struggling and might slip further unless there is a close above $98,800.

• Bitcoin started a fresh decline below the $98,000 level.
• The price is trading below $98,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $98,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $98,000 zone.

Bitcoin price failed to continue higher above the $100,500 zone. It started another decline below the $98,500 zone. BTC gained bearish momentum for a move below the $98,000 and $96,000 levels.

There was a move below the 50% Fib retracement level of the upward move from the $91,000 swing low to the $102,500 high. The price even spiked below the $95,500 support level and settled below the 100 hourly Simple moving average.

It tested the 61.8% Fib retracement level of the upward move from the $91,000 swing low to the $102,500 high. Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $96,750 level. The first key resistance is near the $98,000 level. There is also a connecting bearish trend line forming with resistance at $98,200 on the hourly chart of the BTC/USD pair.

The next key resistance could be $100,000. A close above the $100,000 resistance might send the price further higher. In the stated case, the price could rise and test the $101,200 resistance level. Any more gains might send the price toward the $102,500 level.

If Bitcoin fails to rise above the $98,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,000 level. The first major support is near the $95,500 level.

The next support is now near the $93,700 zone. Any more losses might send the price toward the $92,000 support in the near term. The main support sits at $91,000.

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 – $96,200, followed by $95,500.

Major Resistance Levels – $98,000 and $100,000.