The price of Bitcoin has initiated a fresh decline, falling below the $90,000 support level. To prevent further losses in the near future, BTC needs to maintain its position above the $86,000 range.
- Bitcoin has begun a new decline from the $95,500 level.
- The price is currently trading below $90,000 and under the 100 hourly Simple Moving Average.
- An hourly chart of the BTC/USD pair (data feed from Kraken) shows a short-term triangle forming with resistance at $89,000.
- If the pair fails to remain above the $90,000 zone, it could initiate another decline.
Bitcoin Price Experiences Significant Decline
The price of Bitcoin could not sustain above the $95,500 mark, leading to a significant drop. BTC fell notably below the $93,200 and $92,200 support areas.
The price even plunged beneath the $90,000 threshold, testing the $86,000 zone where a low was recorded. Currently, the price is consolidating its losses, having climbed back over the $88,500 level and the 23.6% Fibonacci retracement level of the decline from the $96,482 peak to the $86,000 low.
Bitcoin is now trading below $91,200 and the 100 hourly Simple Moving Average. Immediate resistance can be found near the $89,000 level. A short-term triangle is also forming with resistance at $89,000 on the hourly chart of the BTC/USD pair.
The key resistance lies near the $90,000 level, with the next significant resistance potentially at $91,250 or the 50% Fibonacci retracement level of the drop from the $96,482 swing high to the $86,000 low.
A close above the $91,250 resistance could propel the price higher. In that scenario, the price may rise and test the $93,500 resistance level. Further gains could push the price towards the $95,000 level or even reach $96,400.
Is Another Decline Coming for BTC?
Should Bitcoin fail to break above the $90,000 resistance zone, it might trigger a new decline. Immediate support on the downside is located around the $88,000 mark. The first major support level is approximately at $87,250.
Subsequent support now rests near the $86,000 zone. Additional losses could drive the price down to the $85,000 support level in the near term, with the primary support situated at $83,200.
Technical Indicators:
Hourly MACD – The MACD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $88,000, followed by $86,000.
Major Resistance Levels – $90,000 and $91,250.
