Bitcoin Price Struggles at $92K: Are Bears Taking Control?

Bitcoin price faces challenges in maintaining its position above $92,000. BTC is currently consolidating its gains and could see another dip if it moves clearly below $89,500.

Key Takeaways

Bitcoin has started to correct after hitting a peak near $92,500.
Currently, the price is trading under $91,000 and below its 100-hour Simple Moving Average (SMA).
A contracting triangle with support at $90,000 is forming on the hourly BTC/USD chart (data from Kraken).
The price may rebound if it settles above the $92,500 level.

Bitcoin Price Stumbles at $92K

Bitcoin Price Experiences Another Dip

Bitcoin initially succeeded in staying above the significant $90,000 mark and initiated a fresh increase. BTC managed to push through the $91,500 and $92,000 thresholds.

However, selling pressure emerged near the $92,500 point. A peak was reached at $92,269, leading to a subsequent correction. This pullback included a drop below the 50% Fibonacci retracement level stemming from the upward movement between the swing low of $87,777 and the high of $92,269.

Despite this, bulls have shown resilience near the critical support level of $90,000. Currently, Bitcoin is trading below both $90,000 and its 100-hour Simple Moving Average, accompanied by the formation of a contracting triangle with support at $90,000 on the hourly BTC/USD chart.

Bitcoin Price Movement Source: BTCUSD on TradingView.com

If bulls remain active, there is potential for another upward movement. Immediate resistance lies at $90,800, with the first significant resistance occurring around the $91,200 mark. Should Bitcoin surpass the $92,000 resistance, it could drive prices up towards the $92,500 resistance. Further gains may lead prices toward the $93,500 level, with the next barriers for the bulls set at $94,200 and $94,500.

Potential for Further Losses in BTC

Conversely, if Bitcoin cannot break above the $92,000 resistance zone, it risk a potential downturn. Key immediate support stands at the $90,000 mark, with the first major support located near $89,500, corresponding with the 61.8% Fibonacci retracement level from the upward move between $87,777 and $92,269.

Following this, the next major support comes in near the $88,800 zone. Additional losses could push prices down towards the $87,500 support in the short term. The primary support level is around $86,500, below which Bitcoin may see accelerated declines.

Technical Indicators:

Hourly MACD: The MACD has started to gain momentum within the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently below the 50 level.
Major Support Levels: $90,000, followed by $89,500.
Major Resistance Levels: $91,200 and $92,000.

This overview suggests a cautious outlook for Bitcoin, as market participants watch for potential breakout points or further declines.