Bitcoin price is struggling to start a fresh increase above $100,000. BTC could correct further if it fails to stay above the $90,000 support.
Bitcoin Price Signals More Losses
As discussed in the previous analysis, Bitcoin price started a downside correction from the new all-time high of $108,100. There was a steady decline below the $102,000 and $100,000 support levels. The bears even pushed the price below the 50-day simple moving average (blue).
BTC settled below the $100,000 and $98,000 support levels, putting pressure on Ethereum and a few other major cryptocurrencies. The price is now consolidating near the 23.6% Fib retracement level of the upward wave from the $52,756 swing low to the $108,100 high.
Bitcoin price daily chart | Source: BTC/USD onTradingView.com
Bitcoin price is now showing a few bearish signs and might struggle to start a fresh increase. Immediate resistance is near the $96,500 level and the 50-day simple moving average (blue).The first major resistance is seen near the $98,000 level. The next stop BTC price could be the $100,000 zone, above which the price could drift and clear the $102,500 level. A daily close above the $102,500 resistance zone could set the pace for a move toward the next key resistance at $108,000. Any more gains might call for a test of $112,000.
Conversely, Bitcoin price might struggle near $96,500 or $98,000 and start another decline. Immediate support on the downside is near the $92,200 level.
The first major support is near the $90,000 level. The main support sits near a connecting bullish trend forming with support at the $85,000 level. A downside break below the $85,000 level could send the price toward the $80,000 zone.
If the bulls fail to protect the $80,000 level, there could be heavy losses. In the stated case, Bitcoin could test the $65,000 support or the 76.4% Fib retracement level of the upward wave from the $52,756 swing low to the $108,100 high. The next key support could be $52,000.
Overall, Bitcoin is correcting gains and showing a few bearish signs below the $98,000 support zone. To start a fresh increase, BTC must settle above $98,000 and $100,000.
