Bitcoin Price Drops Again: Follow Key Support Levels

Bitcoin fell again from $102,500. BTC is losing ground and trying to break $96,500.

Bitcoin fell below $100,000 again.

The price is below $99,500 and the 100-hour SMA.

On the hourly BTC/USD chart, a new connecting negative trend line with resistance at $99,000 is formed.

If it remains over $95,500, the pair may rise again.

Bitcoin Falls Below $100,000

Bitcoin price stopped rising beyond $102,500. Another drop below $100,000 began. BTC developed negative momentum below $98,500 and $97,500.

Bears drove the stock below the 50% Fib retracement line of the $91,000 swing low to $102,500 high. Price hit $96,500 support and is consolidating losses. On the hourly BTC/USD chart, a new connecting negative trend line with resistance at $99,000 is formed.

Bitcoin is below $98,000 and the 100-hour SMA. Upside resistance is approaching $98,000. Near $99,000 is the first major resistance.

$100,000 may be the next hurdle. A closing above $100,000 barrier might boost prices. If the price rises, it may challenge $102,500 resistance. More advances might push the price toward $103,500.

More BTC losses?

Bitcoin may fall again if it fails to break $99,000. Near $96,500 is immediate downside support. The first key support is $95,500, the 61.8% Fib retracement level of the upward advance from $91,000 swing low to $102,500 high.

Around $93,750 is the next support. More losses might push the price toward $95,500.

The technical indications

Hourly MACD - MACD is falling in the positive zone.

Relative Strength Index hourly BTC/USD RSI is below 50.

Major Support Levels: $96,500, $95,500.

Major Resistance Levels: $97,000–$100,000.

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