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 Could Extend Losses
In the past few days, Bitcoin price saw a fresh decline from the $100,000 resistance zone. BTC failed to clear the $99,500 and $100,000 resistance zone and reacted to the downside. 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 daily chart | Source: BTC/USD on TradingView.comBitcoin 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 might aim for more downsides.
However, the key support at $90,000 is the key. If the bulls remain active, there might be another recovery attempt above $92,500. On the upside, immediate resistance is near the $94,200 level. The first major resistance is seen near the same triangle and $95,500.
A close above the $95,500 resistance might decrease the bearish pressure and spark some upsides. The next stop BTC price 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 more gains might call for a test of $103,500 or even $105,000 in the coming days.
More Losses In BTC?
Conversely, 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 the stated 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 $82,500, below which BTC might slide toward the $77,500 support.
Overall, Bitcoin is signaling a breakdown below the $95,000 support. To start a fresh increase, it must clear the $94,200 and $95,500 resistance levels. If not, there could be a fresh drop toward the $85,000 support zone or even $82,500.
The post Bitcoin (BTC) Bulls On The Ropes—Can They Prevent A Drop Below $90K? appeared first on Coinchapter.
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