Bitcoin Faces Decline as Sellers Gain Dominance

Bitcoin's price has started to decrease from the $92,000 mark, dropping over 5%, with sellers gaining control and bulls struggling to maintain prices above $86,500.

Key Takeaways

Bitcoin has begun a decline from previously high resistance levels.
The current trading price is below $88,000 and the 100-hour Simple Moving Average.
A significant break has occurred below a bullish trend line, signaling potential further declines below $86,500.
The support levels to watch are $86,500, $86,000, and a critical barrier at $82,200 if prices continue to fall.

Bitcoin Price Regains Strength

Bitcoin Price Decline Continues

Bitcoin's price was unable to hold above the $92,000 resistance level, leading to a substantial drop below $90,500 and $90,000. A break in a crucial bullish trend line occurred at the $89,500 mark on the BTC/USD hourly chart. The price even dropped below $87,500, hitting a low of $86,500 and is now adjusting below the 23.6% Fibonacci retracement level of the downturn from $91,928 to $86,500.

Currently, Bitcoin is trading under $90,000 and the 100-hour Simple Moving Average. If bullish action resumes, there may be attempts for price increases. Immediate resistance is positioned around $87,850, while the first key resistance level stands at $89,200, representing the 50% Fibonacci retracement of the price drop from the previous swing high.

Bitcoin Price
Source: BTCUSD on TradingView.com

Should Bitcoin climb above $89,500, it could spark further upward movement. In this case, the price may test the $90,650 resistance. Continued gains might push Bitcoin toward levels of $91,500. The next significant resistance for bullish traders could arise between $92,000 and $92,500.

Potential for Further Losses in BTC?

If Bitcoin struggles to surpass the resistance at $87,800, another decline could begin. Key immediate support exists around $86,500, with the first major support just below at $86,000.

Support is further established near the $85,500 level. Any additional declines might lead to the price reaching the support at $83,500 soon. The most critical support level sits at $82,200; falling below this could lead to more significant downward momentum in the short term.

Technical Indicators:

Hourly MACD: Currently showing an increase in bearish momentum.
Hourly RSI (Relative Strength Index): Currently under 50, indicating weaker momentum.
Major Support Levels: $86,500 followed by $86,000.
Major Resistance Levels: $87,800 and $89,200.