Bitcoin price retested the key support at $91,500. BTC is now consolidating and facing many hurdles near $100,600 and $102,750.
Bitcoin Price Nears Key Juncture
In the past few days, Bitcoin price saw a fresh decline below the $105,000 level. There was a move below the $103,000 and $102,000 support levels. BTC even dipped below the $98,000 support and the 50-day simple moving average (blue).
Finally, there was a spike below the $95,800 support and the price tested the main support at $91,500. A low was formed at $91,657 and the price recovered some losses.
Bitcoin price is now back above the $95,800 support zone. It surpassed the 23.6% Fib retracement level of the downward move from the $109,590 swing high to the $91,657 low. However, the price remains below many key hurdles and the 50-day simple moving average (blue).
Although the price is above a couple of important support levels, the current price action suggests high chances of more losses. To start a fresh increase, the price must stay above the $91,500 pivot level.
On the upside, immediate resistance is near the $98,800 level and the 50-day simple moving average (blue). The first major resistance is seen near the $100,800 level. It is close to the 50% Fib retracement level of the downward move from the $109,590 swing high to the $91,657 low.
There is also a key contracting triangle forming with resistance at $102,000. The next stop BTC price could be the $103,500 level, above which the price could attempt to clear the $105,500 level. A daily close above the $105,500 resistance zone could set the pace for a move toward the next key resistance at $110,000. Any more gains might call for a test of $115,000 or even $116,800 in the coming days.
Another Decline In BTC?
Conversely, Bitcoin price might struggle to clear $98,800 or $100,800 and start another decline. Immediate support on the downside is near the $95,800 level.
The first major support is near the $94,750 level and the triangle’s trend line. A downside break and close below the $94,750 support might spark more losses. The next support sits at $91,500. If the bulls fail to protect the $91,500 level, there could be a major pullback. In the stated case, Bitcoin could test the $85,500 support. The next key support could be $80,000.
Overall, Bitcoin is consolidating losses above the $95,800 and $91,500 support levels. To start a fresh increase, it must clear the $102,000 resistance zone. If not, there could be a fresh drop toward the $91,500 support zone or even $85,500.
