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Bitcoin price started another decline below the $96,200 zone. BTC is retesting the $95,000 support zone and might struggle to recover losses.

• Bitcoin started a fresh decline from the $97,500 zone.
• The price is trading below $96,200 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $95,000 zone.

Bitcoin Price Dips Further

Bitcoin price failed to clear the $98,500 and $98,000 resistance levels. BTC formed a top and started a fresh decline below the $96,500 level. There was a clear move below the $96,200 support level.

The price even dipped below the $95,000 level. However, the bulls appeared near $93,400. A low was formed at $93,388 and the price is now attempting to recover. There was a move above the $95,000 level. The price cleared the 23.6% Fib retracement level of the downward move from the $98,825 swing high to the $93,288 low.

Bitcoin price is now trading below $96,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $96,000 level. There is also a key bearish trend line forming with resistance at $96,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $96,200 level or the 50% Fib retracement level of the downward move from the $98,825 swing high to the $93,288 low. The next key resistance could be $96,750.

A close above the $96,750 resistance might send the price further higher. In the stated case, the price could rise and test the $97,500 resistance level. Any more gains might send the price toward the $98,200 level or even $98,500.

More Losses In BTC?

If Bitcoin fails to rise above the $96,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $95,000 level. The first major support is near the $94,200 level.

The next support is now near the $93,400 zone. Any more losses might send the price toward the $92,200 support in the near term. The main support sits at $91,000.

Technical indicators:

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

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

Major Support Levels – $95,000, followed by $94,200.

Major Resistance Levels – $96,000 and $98,000.

The crypto market is showing mixed signals, causing some altcoins to climb while others experience declines. However, certain altcoins are catching investors’ attention due to recent developments surrounding the tokens.  

BeInCrypto has analyzed three trending altcoins and their potential price movements moving forward. 

Solana (SOL)

Solana has been one of the biggest trending tokens today, according to data from Santiment. The attention comes as the Solana-based token LIBRA makes headlines, capturing the interest of investors. However, the attention has been mostly negative, owing to the suspicion that the LIBRA token is a pump-and-dump scheme, which led to significant losses for its investors.

Due to this negative attention, Solana’s price has suffered, falling by 10.5% over the last 24 hours. This price action invalidated the ascending wedge pattern, with SOL currently trading at $168. The altcoin’s failure to maintain upward momentum suggests that short-term bearish pressure may persist.

If the drawdown continues, SOL could face further declines, potentially dropping to $156. Such a drop would extend investors’ losses and may signal prolonged weakness for Solana. However, reclaiming $169 as a support level would help SOL reverse the bearish trend, pushing it toward $175 or $183. This shift would invalidate the current bearish outlook.

Pepe (PEPE)

PEPE’s price recently gained attention as new meme coins attempt to steal its limelight. The rise of these tokens is creating additional competition, potentially impacting PEPE’s demand and traction. Despite this, PEPE continues to hold its ground as one of the top meme coins in the market.

Amid the rising competition from new meme coins, PEPE’s price has remained resilient. Trading at $0.00000995, it is holding above the downtrend support line, signaling stability. This could position PEPE to breach the next resistance at $0.00001146, initiating a recovery towards its previous high of $0.00001369.

However, if PEPE loses the support of $0.00000951, the price could decline to $0.00000839. A drop below this level would invalidate the bullish outlook and increase the risk of extended losses. Investors should monitor key support levels to assess potential price movements.

Chainlink (LINK)

Another one of the trending altcoins, LINK’s price is holding above the downtrend line, which has acted as support since the beginning of the year. Trading at $18.20, the altcoin is positioned to make a potential rebound. If LINK breaches $19.23, it could gain upward momentum and head toward its next resistance levels.

Successfully flipping $19.23 into a support level would signal further bullish momentum for LINK. This would enable the altcoin to target $22.03, a crucial resistance point. A breach of this level would help recover a significant portion of the recent losses, boosting investor sentiment and confidence.

However, if LINK loses the support of the downtrend line, it could fall through the $17.31 support level. In such a scenario, LINK may test $15.62 as the next support, invalidating the bullish thesis and prolonging the ongoing downtrend.