Bitcoin price failed to gain pace for a move above the $100,000 zone. BTC again declined and is currently consolidating near the $96,000 zone.

• Bitcoin started a fresh decline from the $99,500 zone.
• The price is trading below $97,500 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $96,400 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 Again

Bitcoin price formed a base above the $95,500 level and started a recovery wave. BTC was able to surpass the $97,000 and $98,500 resistance levels.

The price even cleared the $99,000 resistance level. However, the bears remained active below the $100,000 level. A high was formed at $99,481 and the price started a fresh decline. There was a move below the $98,000 and $96,000 levels.

A low was formed at $94,888 and the price is now recovering. There was a move above the $95,500 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $99,481 swing high to the $94,881 low.

Bitcoin price is now trading below $97,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $96,500 level. There is also a connecting bearish trend line forming with resistance at $96,400 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $97,200 level or the 50% Fib retracement level of the downward move from the $99,481 swing high to the $94,881 low. The next key resistance could be $97,750. A close above the $97,750 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $99,500 level or even $100,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $97,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $95,500 level. The first major support is near the $95,000 level.

The next support is now near the $94,200 zone. Any more losses might send the price toward the $93,500 support in the near term. The main support sits at $92,400.

Technical indicators:

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

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

Major Support Levels – $95,500, followed by $95,000.

Major Resistance Levels – $96,500 and $97,200.

Pi Network’s PI token officially launched on February 20, marking a major milestone for the crypto project. However, the long-awaited launch triggered a wave of sell-offs as early adopters rushed to cash in on their holdings.

The selling pressure triggered a decline in PI’s value, which fell to a low of $0.60 by February 21. Despite the initial crash, PI has rebounded, showing renewed bullish momentum.

PI Soars 173% from Post-Launch Low

PI currently trades at $1.64, noting a 173% hike from its post-launch low. This triple-digit rally has been fueled by the resurgence in demand for the altcoin over the past few days.

A potential Binance listing partly drives this demand. As of February 22, 212,000 votes had been cast on whether PI should be launched on the exchange, with more than 86% in favor. As the voting process nears its conclusion, investors anticipate Binance will list the altcoin, potentially driving its price higher.

PI’s high demand is reflected by its rising Relative Strength Index (RSI). As of this writing, this key momentum indicator, assessed on a four-hour chart, is in an upward trend at 63.40.

An asset’s RSI measures its overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a correction. On the other hand, values under 30 suggest that the asset is oversold and may witness a rebound. 

PI’s RSI reading of 63.40 signals strong bullish momentum. This means that buying pressure outweighs selling activity among market participants, and if the trend continues, the altcoin’s price will continue to grow. 

Moreover, readings from PI’s Balance of Power (BoP) support this bullish outlook. As of this writing, it returns a positive value of 0.41.

The BoP measures the strength of buyers against sellers by analyzing price movements within a given period. As with PI, when the indicator’s value is positive, buyers have more control. This indicates strong upward momentum and hints at the potential for further price gains.

PI Holds Strong Above Trendline: Can It Reach a New High?

PI has traded above an ascending trend line since February 20, confirming the resurgence in the bullish activity around the altcoin.  

When an asset trades above this pattern, it indicates a strong uptrend, with buyers consistently supporting higher prices. If the uptrend persists, PI could breach the $2 price mark to trade at its all-time high of $2.20.

On the other hand, if demand plummets amid a rise in profit-taking activity, this bullish projection will be invalidated. In that scenario, PI’s value could break below $1.60 and fall to $1.34.