Bitcoin price started a fresh declined below the $100,000 zone. BTC is down close to 10% and might test the $90,000 support zone. Bitcoin started a fresh decline below the $100,000 level. The price is trading below $99,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $96,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $90,000 zone. Bitcoin Price Dives Below $100,000 Bitcoin price started another decline below the $100,000 zone. BTC gained bearish momentum for a move below the $98,000 and $95,000 levels. It even dived below $93,000. A low was formed at $90,944 and the price is now consolidating losses . There was a minor increase above the $92,500 level. The price even tested the 23.6% Fib retracement level of the downward move from the $106,000 swing high to the $90,944 low. However, the bears are now active near the $95,000 zone. Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average . On the upside, immediate resistance is near the $95,000 level. The first key resistance is near the $96,500 level. There is also a key bearish trend line forming with resistance at $96,200 on the hourly chart of the BTC/USD pair. The next key resistance could be $98,400 or the 50% Fib retracement level of the downward move from the $106,000 swing high to the $90,944 low. A close above the $98,500 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 $100,000 level. Another Decline In BTC? If Bitcoin fails to rise above the $95,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $92,500 level. The first major support is near the $92,000 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. 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 – $92,500, followed by $90,000. Major Resistance Levels – $95,000 and $96,500.
