Bitcoin Price Experiences Sharp Decline: Will $92,000 Hold?

Bitcoin's value has recently fallen below $95,000, and it is currently consolidating losses while facing potential further declines if the price drops beneath $92,000.

Key Takeaways

Bitcoin's price has fallen sharply below both $95,000 and $94,000.
Currently, it is trading below $93,500 and the 100-hour Simple Moving Average.
A break from a declining channel with support at $93,550 on the hourly BTC/USD chart suggests continued downward movement may occur.
Should Bitcoin remain below the $94,000 level, it might continue to drop.

Bitcoin Price Sharp Pullback

Bitcoin Price Faces Significant Decline

Bitcoin's price has struggled to maintain its position above $94,500 and has started a notable decline, dropping below both the $94,000 and $93,500 support levels. The price has crossed below the 61.8% Fibonacci retracement level from a recent swing low of $89,995 to a peak of $97,898. Additionally, the price has broken beneath a declining channel that had support at $93,550 on the hourly BTC/USD chart.

Bitcoin even dipped below the crucial $92,000 mark, testing the 76.4% Fibonacci retracement level from the same recent swing. Presently, Bitcoin is trading below $93,500 and the 100-hour Simple Moving Average.

If the price can hold steady above $92,000, there’s potential for a rebound. The immediate resistance level resides around $93,000, with key resistance following at $93,500.

Bitcoin Price Chart
Source: BTCUSD on TradingView.com

The next notable resistance point appears to be at $94,000. A close above this level might propel the price higher, potentially testing the $95,000 resistance next. Additional gains could push the price toward the $95,500 level, with further hurdles for bulls at $96,200 and $96,400.

Is a Further Decline in BTC on the Horizon?

Should Bitcoin fail to surpass the $93,500 resistance zone, another decline could be imminent. Immediate support is located around $92,000, with major support resting at $91,800. Following that, $91,300 becomes the next support level. If the downward trend continues, the price might challenge the $90,500 support in the short term, while the critical support threshold remains at $90,000. Dropping below this level may cause BTC to accelerate its decline.

Technical Indicators:

Hourly MACD: Currently losing momentum within the bearish zone.
Hourly RSI (Relative Strength Index): BTC/USD RSI is positioned below the 50 level.
Major Support Levels: $92,000 and $91,800 are crucial.
Major Resistance Levels: Resistance is found at $93,000 and $93,500.