Bitcoin Price Tumbles 5%—Key Support Levels in Focus

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

– Bitcoin started a fresh decline from the $98,500 zone.
– The price is trading below $95,500 and the 100 hourly Simple moving average.
– There is a short-term triangle forming with resistance at $92,200 on the hourly chart of the BTC/USD pair.
– The pair could start another decline if it fails to stay above the $90,000 zone.

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, testing 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, with the next key resistance at $93,650 or the 50% Fib retracement level of the downward move from the $96,483 swing high to the $90,888 low.

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 $91,500 level, followed by the $90,850 level. The next support is near the $90,000 zone, with further losses potentially leading to the $88,500 support. The main support sits at $86,400.

Technical indicators show the MACD gaining pace in the bearish zone, and the RSI for BTC/USD is below the 50 level. Major support levels are at $91,500 and $90,850, with major resistance levels at $92,200 and $93,200.