Bitcoin (BTC) Price Could Extend Losses as It Signals a Breakdown Below the $95K Support Zone

Bitcoin price is again moving lower below the $95,000 support zone. BTC is now at risk of more losses below the $90,000 support zone.

Bitcoin price slipped below the $95,000 support zone, signaling a breakdown from a key bullish formation. BTC is now at risk of extending losses below the $90,000 support.

Bitcoin Price Could Extend Losses

Bitcoin price witnessed a fresh decline from the $100,000 resistance zone in the past few days. BTC failed to clear the $99,500 and $100,000 resistance levels, leading to a downside reaction. There was a clear move below the $96,000 and $95,000 levels.

The price traded below the 76.4% Fib retracement level of the upward move from the $89,698 swing low to the $109,590 high. More importantly, there was a breakdown below a key contracting triangle with support at $95,500 on the daily chart.

Bitcoin price is now trading well below the $95,000 level and the 50-day simple moving average (blue). The bears seem to be in control, and they might aim for further declines.

However, the key support at $90,000 is crucial. If the bulls remain active, there could be another recovery attempt above $92,500. On the upside, immediate resistance is near the $94,200 level. The first major resistance is seen around the same triangle and $95,500.

A close above the $95,500 resistance could decrease the bearish pressure and spark some upswings. The next stop BTC price might encounter could be the $97,750 level and the 50-day simple moving average (blue), above which the price could attempt to clear the $98,500 level.

A daily close above the $98,000 resistance zone could set the pace for a move toward the next key resistance at $100,000. Any further gains might call for a test of $103,500 or even $105,000 in the coming days.

More Losses In BTC?

On the downside, Bitcoin price might struggle to clear $94,200 or $95,500 and start another decline. Immediate support on the downside is near the $91,200 level.

The first major support is near the $90,000 level. A downside break and close below the $90,000 support might spark more losses, and the price could accelerate lower. In that case, Bitcoin could test the $85,000 support.

The 1.236 Fib extension level of the upward move from the $89,698 swing low to the $109,590 high is also near the $85,000 support. The next key support could be at $82,500, below which BTC might slide toward the $77,500 support.

Overall, Bitcoin is signaling a breakdown below the $95,000 support. It must clear the $94,200 and $95,500 resistance levels to start a fresh increase. If not, there could be a fresh drop toward the $85,000 support zone or even $82,500.