Bitcoin Price Action Turns Unsteady, Downside Threat Grow
Bitcoin price started a fresh decline below $94,000. BTC is consolidating losses and remains at risk of more losses if it dips below $91,500. The next resistance could be $93,650 or the 50% Fib retracement level of the recent decline from the $95,475 swing high to the $91,866 low. A close above the $93,650 resistance might send the price further higher. In the stated case, the price could rise and test the $94,000 resistance. Any more gains might send the price toward the $94,500 level. The next barrier for the bulls could be $95,000 and $95,500. If Bitcoin fails to rise above the $93,650 resistance zone, it could start another decline. Immediate support is near the $92,000 level. The first major support is near the $91,800 level. The next support is now near the $91,200 zone. Any more losses might send the price toward the $90,500 support in the near term. The main support sits at $90,000, below which BTC might accelerate lower in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $92,000, followed by $91,800. Major Resistance Levels – $93,650 and $94,000.Downside Break In BTC?
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