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BTC price drops again
The BTC price has started to steadily rise above the 96,500 USD resistance area. BTC is able to climb above the 97,500 USD and 98,000 USD resistance levels.
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The currency pair has broken through the 99,000 USD resistance level and is approaching the 100,000 USD resistance level. The price formed a high at 99,400 USD, and has recently started to decline again. The price has fallen below the 96,500 USD support level. The price has fallen below the 50% Fibonacci retracement of the upward wave from the 92,415 USD swing low to the 99,400 USD high.
Additionally, on the hourly chart of the BTC/USD pair, it has broken through the bullish trend line, with support at 98,400 USD. The BTC price is currently below 96,500 USD and the 100-hour simple moving average.
The price is currently maintaining in the 95,000 USD area and the 61.8% Fibonacci retracement of the upward wave from the 92,415 USD swing low to the 99,400 USD high. On the upside, the immediate resistance is around 96,400 USD. The first key resistance is around 97,750 USD.
A clear break above the 97,750 USD resistance level could push the price higher. The next key resistance could be 99,000 USD. A close above the 99,000 USD resistance level could further push the price higher. In this case, the price could rise and test the 100,000 USD resistance level. If it rises further, the price could drop to the 102,000 USD level.
Will BTC's losses be even greater?
If BTC fails to break above the 96,500 USD resistance area, it may continue to decline. The immediate support on the downside is around 95,200 USD.
The first major support is around 95,000 USD. The next support is currently around the 93,800 USD area. If the price declines further, it may drop to the 92,500 USD support level in the short term.
