Bitcoin (BTC) Stays Afloat, But Can It Withstand Bearish Pressure?

Bitcoin price retested the key support at $91,500. BTC is now consolidating and facing many hurdles near $100,600 and $102,750.

Bitcoin Price Nears Key Juncture

In the past few days, Bitcoin price saw a fresh decline below the $105,000 level. There was a move below the $103,000 and $102,000 support levels. BTC even dipped below the $98,000 support and the 50-day simple moving average (blue).

Finally, there was a spike below the $95,800 support and the price tested the main support at $91,500. A low was formed at $91,657 and the price recovered some losses.

Bitcoin price is now back above the $95,800 support zone. It surpassed the 23.6% Fib retracement level of the downward move from the $109,590 swing high to the $91,657 low. However, the price remains below many key hurdles and the 50-day simple moving average (blue).

Although the price is above a couple of important support levels, the current price action suggests high chances of more losses. To start a fresh increase, the price must stay above the $91,500 pivot level.

On the upside, immediate resistance is near the $98,800 level and the 50-day simple moving average (blue). The first major resistance is seen near the $100,800 level. It is close to the 50% Fib retracement level of the downward move from the $109,590 swing high to the $91,657 low.

There is also a key contracting triangle forming with resistance at $102,000. The next stop BTC price could be the $103,500 level, above which the price could attempt to clear the $105,500 level. A daily close above the $105,500 resistance zone could set the pace for a move toward the next key resistance at $110,000. Any more gains might call for a test of $115,000 or even $116,800 in the coming days.

Another Decline In BTC?

Conversely, Bitcoin price might struggle to clear $98,800 or $100,800 and start another decline. Immediate support on the downside is near the $95,800 level.

The first major support is near the $94,750 level and the triangle’s trend line. A downside break and close below the $94,750 support might spark more losses. The next support sits at $91,500. If the bulls fail to protect the $91,500 level, there could be a major pullback. In the stated case, Bitcoin could test the $85,500 support. The next key support could be $80,000.

Overall, Bitcoin is consolidating losses above the $95,800 and $91,500 support levels. To start a fresh increase, it must clear the $102,000 resistance zone. If not, there could be a fresh drop toward the $91,500 support zone or even $85,500.

The post Bitcoin (BTC) Stays Afloat, But Can It Withstand Bearish Pressure? first appeared on Coinchapter.

The post Bitcoin (BTC) Stays Afloat, But Can It Withstand Bearish Pressure? appeared first on Coinchapter.