Bitcoin (BTC) Price Faces Rejection At $102,000

Bitcoin (BTC) price failed to settle above the key technical level at $100,000 on Monday, November 15. Despite attempts to gain momentum earlier in the day, BTC encountered strong selling pressure at higher levels. As a result, the world’s leading digital asset is now facing challenges to resume its recent bullish trend.

Bitcoin price sees lower highs, bearish divergence on 4-hour chart

Bitcoin price began a crucial recovery wave from the $85,650 swing low. The price rallied sharply and climbed above the $90,000, $92,500 and $95,000 resistance levels. A high was formed near the $98,000 level before the bulls appeared.

Later, there was a sharp decline from the $98,000 resistance. BTC price slid below the $95,000 level and the 50-day simple moving average (blue). It even approached the $93,000 support zone.

However, the bulls appeared once again and pushed the price back above the $95,000 level. Bitcoin price started a fresh increase and it climbed above the 50-day simple moving average (blue). There was also a move above the Fib retracement levels of the downward move from the $108,100 swing high to the $91,696 low.

BTC price seems to be forming lower highs on the 4-hour chart. Moreover, the relative strength index (RSI on the 4-hour chart is also showing bearish divergence.

Bitcoin price might struggle to clear $98,800, risk of a drop to $85,650

On the 4-hour chart, BTC/USD is now trading below a connecting bullish trend forming with resistance at the $97,500 level and the 50-day simple moving average (blue). Immediate resistance is also present near the $98,800 level.

The first major resistance is seen near the $98,800 level, above which the price could attempt to clear the $100,000 zone. A daily close above the $102,000 resistance zone could set the pace for a move toward the next key resistance at $104,200. Any more gains might call for a test of $108,000.

Conversely, Bitcoin price might struggle near $97,500 or $98,800 and start another decline. Immediate support on the downside is near the $95,000 level.

The first major support is near the $93,500 level. The main support sits near a connecting bullish trend forming with support at the $93,000 level. A downside break below the $93,000 level could send the price toward the $85,650 zone.

If the bulls fail to protect the $85,650 level, there could be heavy losses. In the stated case, Bitcoin could test the $80,000 support. The next key support could be $73,750.

Overall, BTC is struggling to start a fresh surge and showing a few bearish signs below the $98,800 support zone. To start a fresh increase, BTC must settle above $98,800 and $102,000.