Bitcoin Price Dips Further, Must Stay Above $90,000 to Avoid More Losses

Bitcoin price failed to stay above the $96,500 level and started a fresh decline. BTC declined heavily below the $95,000 and $94,200 support levels.

Bitcoin price began a fresh decline below the $95,000 support. BTC must stay above the $90,000 zone to avoid more losses in the near term.

After a strong rally above the $96,000 resistance, Bitcoin price failed to stay above the $96,500 level and started a fresh decline. BTC declined heavily below the $95,000 and $94,200 support levels. The price even dived below the $92,500 level. It tested the $90,800 zone. A low was formed at $90,888 and the price is now consolidating losses. It is back above the $91,500 level and now faces hurdles near the 23.6% Fib retracement level of the downward move from the $96,483 swing high to the $90,888 low.

Bitcoin price is now trading below $94,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $92,200 level. There is also a short-term triangle forming with resistance at $92,200 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $93,200 level. The next key resistance could be $93,650 or the 50% Fib retracement level of the downward move from the $96,483 swing high to the $90,888 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 $94,500 resistance level. Any more gains might send the price toward the $95,500 level or even $96,400.

Another Decline In BTC?

If Bitcoin fails to rise above the $92,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $9`,500 level. The first major support is near the $90,850 level.

The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,500 support in the near term. The main support sits at $86,400.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $91,500, followed by $90,850.

Major Resistance Levels – $92,200 and $93,200.