Bitcoin Decline Continues: Are Bulls Losing Control?

Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone.

• Bitcoin started a fresh decline from the $102,000 resistance zone.
• The price is trading below $102,000 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance at $98,500 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 $95,500 support zone.

Bitcoin Price Dips Further

Bitcoin price failed to start another increase and extended losses below the $102,000 zone. BTC gained bearish momentum below the $100,000 and $98,000 levels.

The price even spiked below $96,500. A low was formed at $95,586 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance at $98,500 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below $102,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $98,500 level. It is close to the 23.6% Fib retracement level of the downward move from the $108,295 swing high to the $95,586 low.

The first key resistance is near the $100,000 level. A clear move above the $100,000 resistance might send the price higher. The next key resistance could be $102,000. A close above the $102,000 resistance might send the price further higher.

In the stated case, the price could rise and test the $103,400 resistance level or the 61.8% Fib retracement level of the downward move from the $108,295 swing high to the $95,586 low. Any more gains might send the price toward the $105,000 level.

More Downsides In BTC?

If Bitcoin fails to rise above the $98,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $96,200 level.

The first major support is near the $95,500 level. The next support is now near the $93,200 zone. Any more losses might send the price toward the $92,000 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 – $95,500, followed by $93,200.

Major Resistance Levels – $98,500 and $100,000.

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