Bitcoin Price Floats Below $100,000: Is Momentum Fading?

Bitcoin worth is struggling to check the $100,000 degree. BTC is consolidating and will try one other improve from the USD 95,000 help zone.

• Bitcoin pared all positive factors and retested the $95,000 zone.
• The value is buying and selling under $96,500 and the 100 hourly Easy Shifting Common.
• A brand new short-term bearish trendline is forming with resistance at $96,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might acquire bullish momentum if it breaks the $96,500 resistance zone.

Bitcoin worth drops once more

Bitcoin worth tried to interrupt the USD 98,000 resistance zone. Nevertheless, the bears remained in motion and BTC managed to restrict many of the positive factors. There was a transfer under the $96,500 help zone.

The value even peaked under $95,000. A low was shaped at $94,450 and the worth is now consolidating losses. There was a small improve above the USD 95,200 degree. The value examined the 50% Fib retracement degree of the downward transfer from the $97,396 swing excessive to the $94,450 low.

Bitcoin worth is now buying and selling under $96,500 and the 100 hourly Easy Shifting Common. On the upside, the worth might encounter resistance close to the $96,250 degree. A brand new short-term bearish trendline can also be forming with resistance at $96,250 on the hourly chart of the BTC/USD pair.

The trendline is near the 61.8% Fib retracement degree of the downward transfer from the $97,396 swing excessive to the $94,450 low. The primary main resistance is close to the $96,800 degree. A transparent transfer above the USD 96,800 resistance might push the worth larger.

The subsequent main resistance could possibly be at USD 98,000. A detailed above the $98,000 resistance might result in extra positive factors. Within the stated case, the worth may rise and check the USD 98,800 resistance degree. Any additional positive factors might ship the worth in direction of the $100,000 degree.

One other drop in BTC?

If Bitcoin fails to rise above the USD 96,250 resistance zone, it might set off one other draw back correction. The fast draw back help is close to the $95,000 degree.

The primary main help is close to the $94,500 degree. The subsequent help is now close to the $93,200 zone. Any additional losses might ship the worth in direction of the USD 91,500 help within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now under the 50 degree.

Main help ranges – USD 95,000, adopted by USD 94,500.

Main resistance ranges – $96,250 and $98,000.