Bitcoin Price Correction Overview
Bitcoin price is currently experiencing a correction, trading below the $95,000 support level. Currently, BTC is consolidating near $92,500 after dipping close to $90,000.
Key Price Movements
- Bitcoin has struggled to maintain gains and started a downside correction below the $97,500 level.
- It dipped below both $96,000 and $95,000, even reaching a low of $90,736 before starting to rise again.
- A recovery has seen it clear the 23.6% Fib retracement level of the downward move from the $98,880 swing high to the $90,736 low.
Resistance and Support Levels
- Currently trading below $95,000 and the 100 hourly Simple Moving Average, Bitcoin faces potential resistance at $93,500 due to a forming bearish trend line.
- The first key resistance is near $94,800, close to the 50% Fib retracement level from the recent swing high.
- A clear move above $94,800 could lead to further increases, potentially testing the $97,500 level.
Potential for Further Decline
- If Bitcoin cannot surpass the $93,500 resistance, it may initiate another downside correction.
- Immediate support is at $91,800, with major support levels at $90,500 and the $90,000 zone. Further losses could push the price towards $88,000.
Technical Indicators
- Hourly MACD is gaining pace in the bullish zone.
- Hourly RSI for BTC/USD is below the 50 level.
- Major Support Levels: $91,800, $90,500.
- Major Resistance Levels: $93,500, $94,750.
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