Bitcoin Price Eases From Highs — Support Zone Still Intact

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Bitcoin price started a downside correction from the $97,800 zone. BTC is now trading below $95,000 and testing the $93,500 support zone. Bitcoin remained supported above the $94,500 zone. The price is trading below $96,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $95,250 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 zone. Bitcoin Price Dips To Support Bitcoin price started a downside correction after it failed to clear the $98,000 resistance. BTC declined below the $96,500 and $95,500 support levels. The bears even pushed it below $95,000. A low was formed at $93,570 and the price is now attempting to recover. There was a move above the $94,000 level and toward the 23.6% Fib retracement level of the recent decline from the $97,885 swing high to the $93,570 low. Bitcoin price is now trading below $96,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $94,500 level. The first key resistance is near the $95,250 level. There is also a connecting bearish trend line forming with resistance at $95,250 on the hourly chart of the BTC/USD pair. The next key resistance could be $95,750 and the 50% Fib retracement level of the recent decline from the $97,885 swing high to the $93,570 low. A close above the $95,750 resistance might send the price further higher. In the stated case, the price could rise and test the $96,800 resistance level. Any more gains might send the price toward the $98,000 level. Another Decline In BTC? If Bitcoin fails to rise above the $95,250 resistance zone, it could start another downside correction. Immediate support on the downside is near the $94,000 level. The first major support is near the $93,500 level. The next support is now near the $93,200 zone. Any more losses might send the price toward the $92,500 support in the near term. The main support sits at $91,200. 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 below the 50 level. Major Support Levels – $94,000, followed by $93,500. Major Resistance Levels – $95,250 and $95,750. Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-eases-98k/