Bitcoin Price Dips Further, Setting Up a High-Stakes Support Moment

Bitcoin price started a downside correction from $94,500. BTC is now struggling and might dip toward the key support at $89,000.

Bitcoin started a downside correction and traded below the $92,000 zone.
The price is trading below $92,000 and the 100 hourly Simple moving average.
There is a bearish trend line forming with resistance at $92,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if it stays below the $92,500 zone.

Bitcoin Price Starts Downside Correction

Bitcoin price failed to stay above $94,000 and started a downside correction. BTC dipped below $93,200 and $92,500 to enter a short-term bearish zone.

The price even dipped below $92,000 and tested $90,650. A low was formed at $90,666 and the price is now consolidating losses. It tested the 23.6% Fib retracement level of the recent decline from the $93,771 swing high to the $90,666 low.

Bitcoin is now trading below $92,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $92,650 on the hourly chart of the BTC/USD pair.

If the price remains stable above $90,500, it could attempt a fresh increase. Immediate resistance is near the $91,400 level. The first key resistance is near the $92,200 level and the 50% Fib retracement level of the recent decline from the $93,771 swing high to the $90,666 low.

The next resistance could be $92,500. A close above the $92,500 resistance might send the price further higher. In the stated case, the price could rise and test the $93,050 resistance. Any more gains might send the price toward the $93,800 level. The next barrier for the bulls could be $94,000 and $94,500.

More Downsides In BTC?

If Bitcoin fails to rise above the $92,500 resistance zone, it could start another decline. Immediate support is near the $90,500 level. The first major support is near the $90,000 level.

The next support is now near the $89,000 zone. Any more losses might send the price toward the $87,200 support in the near term. The main support sits at $86,000, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $90,500, followed by $90,000.

Major Resistance Levels – $92,200 and $92,500.