Bitcoin Price Declines—Is This Only the Start? — TradingView News

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Bitcoin Price Declines—Is This Only the Start? — TradingView News

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.