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Bitcoin price is correcting gains below the $96,500 resistance. BTC is now trading below $95,000 and might face hurdles near the $95,750 resistance.
- Bitcoin started a downside correction from the $98,880 zone.
- The price is trading below $96,000 and the 100 hourly Simple moving average.
- There was a break above a short-term bearish trend line with resistance at $94,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $95,750 resistance zone.
Bitcoin Price Corrects Gains
Bitcoin price struggled to extend gains above the $98,800 and $99,000 levels. BTC started a downside correction below the $97,000 and $96,000 levels. It even dipped below $95,000.
A low was formed at $92,550 and the price is now rising. There was a move above the $93,800 resistance level. The price cleared the 23.6% Fib retracement level of the downward move from the $98,880 swing high to the $92,550 low.
Besides, there was a break above a short-term bearish trend line with resistance at $94,200 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $96,000 and the 100 hourly Simple moving average.
On the upside, the price could face resistance near the $95,200 level. The first key resistance is near the $95,750 level. It is close to the 50% Fib retracement level of the downward move from the $98,880 swing high to the $92,550 low.
A clear move above the $95,750 resistance might send the price higher. The next key resistance could be $97,350. A close above the $97,350 resistance might initiate more gains. In the stated case, the price could rise and test the $98,880 resistance level. Any more gains might send the price toward the $100,000 level.
Another Dip In BTC?
If Bitcoin fails to rise above the $95,750 resistance zone, it could start another downside correction. 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 $90,000 zone. Any more losses might send the price toward the $88,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $93,800, followed by $92,500.
Major Resistance Levels – $95,750, and $97,350.
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