Bitcoin price failed to recover above $96,500. BTC is down over 3% and there are chances of more downsides below $92,000.
Bitcoin started a fresh decline below $95,000 and $94,500.
The price is trading below $98,000 and the 100 hourly Simple moving average.
There is a bearish trend line forming with resistance at $96,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if it settles below the $92,500 zone.
Bitcoin Price Dips Further
Bitcoin price failed to stay in a positive zone above the $95,500 pivot level. BTC bears remained active below $95,500 and pushed the price lower.
The bears gained strength and were able to push the price below the $94,000 zone. A low was formed at $92,890 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $103,998 swing high to the $92,890 low.
Bitcoin is now trading below $95,000 and the 100 hourly Simple moving average. Besides,
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