Bitcoin Price Under Pressure: Could The Slide Continue?

Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone.

• Bitcoin started a fresh decline from the $100,000 resistance zone.
• The price is trading below $98,000 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance at $95,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if it stays above the $92,000 support zone.

Bitcoin price failed to start another increase and extended losses below the $100,000 zone. BTC gained bearish momentum below the $98,000 and $96,500 levels.

The price even spiked below $92,250. A low was formed at $92,159 before there was a recovery wave. However, the bears were active near the $100,000 level. A high was formed at $99,575 and the price started another decline. It traded below the $96,500 level.

There was a clear move below the 50% Fib retracement level of the recovery wave from the $92,159 swing low to the $99,575 high. There is also a key bearish trend line forming with resistance at $95,850 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average. It is also testing the 76.4% Fib retracement level of the recovery wave from the $92,159 swing low to the $99,575 high.

On the upside, immediate resistance is near the $95,000 level. The first key resistance is near the $95,850 level. A clear move above the $95,850 resistance might send the price higher. The next key resistance could be $97,800. A close above the $97,800 resistance might send the price further higher.

In the stated case, the price could rise and test the $98,500 resistance level. Any more gains might send the price toward the $100,000 level.

If Bitcoin fails to rise above the $95,850 resistance zone, it could continue to move down. Immediate support on the downside is near the $93,800 level.

The first major support is near the $92,500 level. The next support is now near the $91,200 zone. Any more losses might send the price toward the $90,000 support 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 – $92,500, followed by $91,200.

Major Resistance Levels – $95,850 and $97,800.