Bitcoin Price Analysis

Bitcoin price has begun another decline, dropping below the $96,200 zone and is retesting the $95,000 support level with potential challenges in recovering losses.

• Bitcoin started a fresh decline from the $97,500 zone.
• Currently trading below $96,200 and the 100 hourly Simple Moving Average.
• A key bearish trend line is forming with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The BTC/USD pair could start to increase if it remains above the $95,000 zone.

Bitcoin Price Dips Further

Bitcoin failed to surpass the $98,500 and $98,000 resistance levels, forming a top before declining below $96,500. The price moved under $96,200 support but saw bullish activity around $93,400, where a low of $93,388 was noted.

The price is now attempting recovery, surpassing the 23.6% Fib retracement level from the $98,825 high to the $93,288 low and pushing above $95,000.

Currently, Bitcoin is trading beneath $96,200 and the 100 hourly Simple Moving Average. Immediate resistance is near $96,000, along with the bearish trend line.

Key resistances include:
* $96,200 (50% Fib retracement level of the decline)
* $96,750 (next potential resistance)

A close above $96,750 may trigger further increases, potentially testing $97,500 and $98,200.

More Losses in BTC?

If Bitcoin does not exceed the $96,000 resistance zone, a fresh decline may ensue. Immediate support lies near $95,000, with major support levels at:
* $94,200
* $93,400

Further declines may lead to the $92,200 support, with the main support at $91,000.

Technical Indicators:

• Hourly MACD: Losing pace in the bearish zone.
• Hourly RSI: Below the 50 level.

Major Support Levels: $95,000, followed by $94,200.

Major Resistance Levels: $96,000 and $98,000.