Bitcoin (BTC) Price Started a Fresh Decline Below the $90,000 Zone

Bitcoin price started a fresh decline from the $95,000 resistance level. BTC traded below the $92,000 and $90,000 support levels.

Bitcoin price started a fresh decline from the $95,000 resistance level, setting the stage for a technical analysis of BTC's recent price movements. As the flagship cryptocurrency encountered resistance at the $95,000 zone, it slid below the $92,000 and $90,000 support levels.

Bitcoin Price Faced Resistance

The price dropped more than 10% and traded below the crucial $88,500 support zone. A clear move unfolded below the 50% Fib retracement level of the upward wave from the $84,500 swing low to the $95,000 high. Finally testing the $82,000 support zone, a base was forming, and the price recovered some losses as it rose above the $83,500 level.

Bitcoin price is trading below $90,000 and the 100 hourly Simple moving average. Looking ahead, immediate resistance lies at the $88,750 level. The first key resistance is anticipated at the $90,000 mark.

The next key resistance could be $91,500. A connecting bearish trend line, forming with resistance at $91,000 on the hourly chart of the BTC/USD pair. A decisive close above the $91,500 resistance might propel the price further upward. In that scenario, the price could rise and test the $93,000 resistance level. Any additional gains might drive the price toward the $94,200 level or even $95,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $90,000 resistance zone, it could start a fresh decline. Immediate support on the downside is at the $85,000 level. The first major support is anticipated at the $83,200 zone.

The next support is visible at the $82,250 zone and the 76.4% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high. Any further losses might send the price toward the $80,000 support in the near term. The main support is located at $78,800.

Technical indicators:

Hourly MACD – The MACD is now losing momentum in the bearish territory.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $85,000, followed by $82,250.

Major Resistance Levels – $90,000 and $91,500.