Bitcoin price started a fresh decline below $90,000. BTC is consolidating losses and remains at risk of more losses if it dips below $88,000.
- Bitcoin started a sharp decline below $92,000 and $90,000.
- The price is trading below $90,000 and the 100 hourly Simple moving average.
- There is a bearish trend line forming with resistance at $94,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move down if it stays below the $92,000 zone.
Bitcoin Price Dips 5%
Bitcoin price failed to stay above the $92,500 support and started a fresh decline. BTC declined sharply below the $91,000 and $90,500 support levels.
The bears even pushed the price below $90,000. A low was formed at $87,784, and the price is now consolidating losses. There was a minor recovery wave above $88,500, but the price stayed below the 23.6% Fib retracement level of the recent decline from the $95,475 swing high to the $87,784 low.
Bitcoin is now trading below $90,000 and the 100 hourly Simple moving average. If the price remains stable above $88,000, it could attempt a fresh increase. Immediate resistance is near the $89,600 level. The first key resistance is near the $90,000 level.
The next resistance could be $91,650 or the 50% Fib retracement level of the recent decline from the $95,475 swing high to the $87,784 low. A close above the $91,650 resistance might send the price further higher. In the stated case, the price could rise and test the $92,000 resistance.
Any more gains might send the price toward the $94,000 level. There is also a bearish trend line forming with resistance at $94,200 on the hourly chart of the BTC/USD pair. The next barrier for the bulls could be $95,000 and $95,500.
More Losses In BTC?
If Bitcoin fails to rise above the $91,650 resistance zone, it could start another decline. Immediate support is near the $88,800 level. The first major support is near the $88,000 level.
The next support is now near the $87,500 zone. Any more losses might send the price toward the $86,200 support in the near term. The main support sits at $85,000, below which BTC might accelerate lower 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 – $88,800, followed by $88,000.
Major Resistance Levels – $91,650 and $92,000.
