Bitcoin price remained well-bid near the key support at $91,500. BTC is now recovering losses and facing hurdles near the 50-day simple moving average (blue).
Bitcoin Price Faces Rejection At $102,000
As discussed in the previous analysis, Bitcoin price saw a bearish reaction below the $98,000 level and the 50-day simple moving average (blue). The price even dipped below $93,200 before the bulls appeared. It seems like the price remained well-bid near the key support at $91,500.
There was a false spike and a breakdown below near a connecting bullish trend with current support at the $93,500 level on the daily chart. The price is now recovering losses and trading above the $95,000 level.
Bitcoin price daily chart | Source: BTC/USD on TradingView.comBitcoin price cleared the 50% Fib retracement level of the downward move from the $102,760 swing high to the $89,698 low. However, the bears are now protecting the 50-day simple moving average (blue).
Immediate resistance is near the $97,800 level and the 50-day simple moving average (blue), above which the price could accelerate higher. The first major resistance is seen near the $100,000 level. It is near the 76.4% Fib retracement level of the downward move from the $102,760 swing high to the $89,698 low.
The next stop BTC price could be the $102,750 zone, above which the price could attempt to clear the $105,000 level. A daily close above the $105,000 resistance zone could set the pace for a move toward the next key resistance at $108,000. Any more gains might call for a test of $112,000.
Another Dip In BTC?
Conversely, Bitcoin price might struggle near $97,800 or $98,000 and start another decline. Immediate support on the downside is near the $94,500 level.
The first major support is near the $93,500 level and the trend line. The main support sits near the $91,500 level. A downside break below the $91,500 level could send the price toward the $85,500 zone.
If the bulls fail to protect the $85,500 level, there could be a major pullback. In the stated case, Bitcoin could test the $80,500 support. The next key support could be $76,000.
Overall, Bitcoin is recovering losses above $95,000 and facing hurdles. To start a fresh increase, BTC must settle above $97,500 and $100,000.
The post Bitcoin (BTC) Resists Major Breakdown: Can It Reclaim Momentum? appeared first on Coinchapter.
