Bitcoin price is striving to break through the $100,000 resistance but has dropped again. The largest digital currency initiated a new decline from the $98,500 level and is currently trading below $97,000 with a 100-hour simple moving average. Moreover, a significant uptrend line with $97,500 support has been broken, indicating more selling pressure. If the price manages to stay above the $96,000 zone, it may rise again; otherwise, further decline is likely. After holding the $95,000 support, Bitcoin saw a new growth up to $98,826 but failed to pass the $98,800 resistance. Subsequently, the price dropped below $97,000 and $96,500, losing the 50% Fibonacci retracement level ($95,352 to $98,826). Losing the $97,500 uptrend line in the hourly chart indicates more selling pressure. Currently, the Bitcoin price is below $96,500, maintaining a downward trend. Notably, in the downward path, initial support is at $96,150 and then at $95,500. If these levels break, the price may drop to $93,500 and $92,200. Meanwhile, the Moving Average Convergence Divergence (MACD) is strengthening in the bearish zone, and the Relative Strength Index (RSI) is below 50, indicating more selling pressure. However, if Bitcoin’s direction reverses, initial resistance is at $96,800 and then $97,000. If the price manages to surpass $98,000, it may rise to $98,800 or even $100,000. Visit the digital currencies’ live price page to monitor all tokens and cryptocurrencies in real-time.
