Bitcoin (BTC) Price Dips Below the $100K Zone and Might Struggle to Stay Above the $96K Support

Bitcoin price started a decent upward move above the $98,500 resistance zone. BTC was able to climb above the $99,200 and $100,00 resistance levels. However, it failed to clear the $102,500 resistance zone.

Bitcoin price failed to stay above the $100,000 zone. BTC is correcting gains and might struggle to stay above the $96,000 support zone.

Bitcoin Price Dips Below $100K

Bitcoin price started a decent upward move above the $98,500 resistance zone. BTC was able to climb above the $99,200 and $100,000 resistance levels. However, it failed to clear the $102,500 resistance zone.

A high was formed at $102,759 and the price started a fresh decline. There was a clear move below the $100,000 support zone. Besides, there was a break below a connecting bullish trend line with support at $98,500 on the hourly chart of the BTC/USD pair.

The pair even traded below $96,500. A low was formed at $96,100 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $102,759 swing high to the $96,100 low.

Bitcoin price is now trading below $98,500 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $97,500 level. The first key resistance is near the $98,500 level. A clear move above the $98,500 resistance might send the price higher.

The next key resistance could be $99,500 or the 50% Fib retracement level of the recent decline from the $102,759 swing high to the $96,100 low. A close above the $99,500 resistance might send the price further higher. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $104,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $97,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,500 level.

The first major support is near the $96,100 level. The next support is now near the $95,550 zone. Any more losses might send the price toward the $93,500 support in the near term.

Technical indicators:

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

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

Major Support Levels – $96,500, followed by $95,500.

Major Resistance Levels – $97,500 and $98,500.