Bitcoin (BTC) Faces Setback: Will Support Hold for Another Bounce?

Bitcoin price failed to settle above $100,000 and corrected gains. BTC is still above the $91,500 support but facing many challenges for a fresh increase.

Bitcoin Price Faces Rejection At $102,000

As discussed in the previous analysis, Bitcoin price saw a bearish reaction below the $100,000 level and the 50-day simple moving average (blue). The price even dipped below $95,000 before the bulls appeared. A low was formed at $91,696 and the price started a fresh increase.

There was a move above the $95,000 and $98,000 resistance levels. BTC climbed above the 50% Fib retracement level of the downward move from the $108,100 swing high to the $91,696 low. However, the bears were active above the $100,000 pivot level.

Bitcoin price faced rejection near the key technical level at $102,000. It coincides with the 61.8% Fib retracement level of the downward move from the $108,100 swing high to the $91,696 low.

BTC is now trading below $98,500 and the 50-day simple moving average (blue). Immediate resistance is near the $97,500 level and the 50-day simple moving average (blue). The first major resistance is seen near the $98,800 level.

The next stop BTC price could be the $100,000 zone, above which the price could attempt to clear the $102,000 level. A daily close above the $102,000 resistance zone could set the pace for a move toward the next key resistance at $104,200. Any more gains might call for a test of $108,000.

Conversely, Bitcoin price might struggle near $97,500 or $98,800 and start another decline. Immediate support on the downside is near the $95,000 level.

The first major support is near the $93,500 level. The main support sits near a connecting bullish trend forming with support at the $93,000 level. A downside break below the $93,000 level could send the price toward the $85,650 zone.

If the bulls fail to protect the $85,650 level, there could be heavy losses. In the stated case, Bitcoin could test the $80,000 support. The next key support could be $73,750.

Overall, Bitcoin is struggling to start a fresh surge and showing a few bearish signs below the $98,800 support zone. To start a fresh increase, BTC must settle above $98,800 and $102,000.

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