Bitcoin (BTC) Price Prediction: BTC Slumps Below $98,000 Resistance, Targeting $93,500 Support

Bitcoin (BTC) has recently experienced a decline after failing to break through resistance at $98,000. Currently, the cryptocurrency is trying to

Bitcoin (BTC) price dropped further on Wednesday, as the currency failed to break the critical resistance at $98,000.

Bitcoin price correction

After peaking at $97,800, BTC started a downward correction. This decline came after Bitcoin failed to break the $98,000 level, which had been a key resistance throughout the past week.

In the process, Bitcoin broke several important support levels, including $96,500 and $95,500. It is currently trying to maintain support in the $93,500 zone, after recording a low of $93,570 earlier in the day.

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Bitcoin price is showing signs of recovery as it broke back above the $94,000 level. However, it still needs to clear more hurdles to get on the upward path again.

The immediate resistance is at $94,500, followed by the key resistance at $95,250, which is also the confluence point with the bearish trend line on the hourly chart of the BTC/USD pair.

If Bitcoin manages to break $95,750, which is the 50% Fib retracement of the last drop, it could pave the way towards higher resistance levels at $96,800. Bitcoin is currently trading below $96,000 and the 100-hour simple moving average.

Technical indicators show that the MACD is losing momentum in the bearish zone, while the RSI is below the 50 level, still indicating that selling pressure is present.

Bitcoin price further decline potential

On the other hand, if Bitcoin fails to break the $95,250 resistance zone, it could experience a further downward correction.

Immediate support is at the $94,000 level, followed by major support at $93,500. If the decline continues, Bitcoin could reach support at $93,200, and if selling pressure persists, the price could drop towards $92,500 in the short term.

The next major support lies at $91,200.

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