Bitcoin Value Faces Downward Trend: Is There More Decline Ahead?

Bitcoin’s value has continued to deteriorate, plunging below the significant $100,000 mark. With bearish indicators prevailing, BTC may slide further, potentially approaching the support area of $91,200.

• Bitcoin witnessed a new downturn commencing from the resistance level around $100,000.
• Currently, the cryptocurrency trades beneath $98,000 and is below the 100-hourly Simple Moving Average.
• A distinct bearish trend line is forming, presenting resistance near $95,850 on the hourly chart for the BTC/USD pair (according to Kraken data).
• The pair might see a rebound if it manages to remain above the critical support at $92,000.

A Further Drop in Bitcoin Value

The Bitcoin price failed to initiate an upward trend and prolonged its decline beneath the $100,000 benchmark. The currency entered a phase of bearish momentum slipping below the $98,000 and $96,500 thresholds.

The price dipped below $92,250, hitting a low of $92,159 before a slight recovery took place. Nevertheless, the $100,000 level saw significant selling pressure. After peaking at $99,575, the price engaged in another descent, under the $96,500 level.

A definitive drop below the 50% Fibonacci retracement level of the upward correction from the swing low of $92,159 to the high of $99,575 has been observed. Additionally, a crucial bearish trend line with resistance at $95,850 is noted on the BTC/USD hourly chart.

Bitcoin’s value is trading under $98,000 and the 100-hourly Simple Moving Average. It is also challenging the 76.4% Fib retracement level of the previously mentioned recovery.

Looking upwards, the immediate resistance lies around the $95,000 mark. The foremost considerable resistance is near the $95,850 level. Breaking the resistance at $95,850 might propel the price upwards. Subsequent significant resistance is observed at $97,800. Should it surpass the $97,800 resistance, the price could climb even higher.

Should the price achieve the $98,500 resistance zone, it could prepare for an attempt at the $100,000 threshold.

Potential Ongoing Declines in BTC?

Should Bitcoin fail to ascend beyond the resistance zone of $95,850, it might persist in its downward trajectory. The first floor is located near $93,800 on the downside.

Pivotal support sets in around $92,500. Should the decline persist, the next level of support sits near the $91,200 mark. A continuation of losses may drive the cryptocurrency towards the $90,000 support in the near term.

Technical Indicators:

Hourly MACD – The MACD is gaining momentum in the bearish domain.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the midpoint of 50.

Significant Support Levels – $92,500, succeeded by $91,200.

Significant Resistance Levels – $95,850 and then $97,800.