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Bitcoin Stuggles Below $95K

Bitcoin is consolidating losses below $95,500. BTC is declining and may struggle to rebound above $95,800.

Bitcoin began a rebound from $91,150.

Price is below $94,500 and 100 hourly Simple moving average.

BTC/USD broke above a negative trend line with resistance around $93,650 on the hourly chart.

If it remains over $92,500, the pair may rise again.

Bitcoin Stuggles Below $95K

Bitcoin launched a short-term rebound over $92,000. BTC surpassed $93,500 and $94,000.

Bulls broke the 23.6% Fib retracement barrier of the decline from $102,761 swing high to $91,168 low. Also, the BTC/USD hourly chart broke above a connecting negative trend line with resistance at $93,650.

Bears remain active below $95,800. Bitcoin is under $95,000 and the 100-hourly Simple moving average. Upside resistance is approaching $95,000.

Near $95,800 is the first major resistance. Price may rise if it breaks $95,800 barrier. $97,000, the 50% Fib retracement level of the decline from the $102,761 swing high to the $91,168 low, may be next resistance.

A closing above $97,000 resistance might boost prices. The price may increase to $98,800 resistance. More increases might push the price toward $99,500.

Another BTC Drop?
Bitcoin may fall again if it fails to break $95,800. Near $92,500 is immediate downside support.

First main support is about $92,000. Near $91,200 is the next support. More losses might push the price toward $90,000 soon.

The technical indications

Hourly MACD - The negative zone is strengthening.

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

Major Support Levels: $92,500, $91,200.

Major Resistance Levels: $95,000, $95,800.

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