Bitcoin price found support near $88,500. BTC is now correcting some losses but faces many hurdles near $92,500 and $93,500.
Bitcoin started a fresh decline below $93,000 and $92,500.
The price is trading below $93,000 and the 100 hourly Simple moving average.
There is a bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if it settles below the $90,000 zone.
Bitcoin Price Faces Hurdles
Bitcoin price failed to stay in a positive zone above the $92,000 level. BTC bears remained active below $92,000 and pushed the price lower.
The bears gained strength and were able to push the price below the $89,500 zone. A low was formed at $88,570, and the price is now attempting a recovery wave. There was a move above the 50% Fib retracement level of the recent decline from the $93,747 swing high to the $88,570 low.
Bitcoin is now trading below $93,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair.
If the bulls attempt another recovery wave, the price could face resistance near the $92,500 level and the 76.4% Fib retracement level of the recent decline from the $93,747 swing high to the $88,570 low. The first key resistance is near the $93,500 level and the trend line.
The next resistance could be $93,750. A close above the $93,750 resistance might send the price further higher. In the stated case, the price could rise and test the $94,500 resistance. Any more gains might send the price toward the $95,000 level. The next barrier for the bulls could be $95,500 and $96,200.
Another Decline In BTC?
If Bitcoin fails to rise above the $93,500 resistance zone, it could start another decline. Immediate support is near the $91,150 level. The first major support is near the $90,500 level.
The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,500 support in the near term. The main support sits at $86,500, below which BTC might accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $91,150, followed by $90,500.
Major Resistance Levels – $92,500 and $93,500.
