Bitcoin price found support near $88,500. BTC is now correcting some losses but faces many hurdles near $92,500 and $93,500.
- Bitcoin started a fresh decline below $93,000 and $92,500.
- The price is trading below $93,000 and the 100 hourly Simple moving average.
- There is a bearish trend line forming with resistance at $93,500 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 $90,000 zone.
Bitcoin Price Faces Hurdles
Bitcoin price failed to stay in a positive zone above the $92,000 level. BTC bears remained active below $92,000 and pushed the price lower.
The bears gained strength and were able to push the price below the $89,500 zone. A low was formed at $88,570, and the price is now attempting a recovery wave. There was a move above the 50% Fib retracement level of the recent decline from the $93,747 swing high to the $88,570 low.
Bitcoin is now trading below $93,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair.
If the bulls attempt another recovery wave, the price could face resistance near the $92,500 level and the 76.4% Fib retracement level of the recent decline from the $93,747 swing high to the $88,570 low. The first key resistance is near the $93,500 level and the trend line.
The next resistance could be $93,750. A close above the $93,750 resistance might send the price further higher. In the stated case, the price could rise and test the $94,500 resistance. Any more gains might send the price toward the $95,000 level. The next barrier for the bulls could be $95,500 and $96,200.
Another Decline In BTC?
If Bitcoin fails to rise above the $93,500 resistance zone, it could start another decline. Immediate support is near the $91,150 level. The first major support is near the $90,500 level.
The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,500 support in the near term. The main support sits at $86,500, below which BTC might accelerate lower in the near term.
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 above the 50 level.
Major Support Levels – $91,150, followed by $90,500.
Major Resistance Levels – $92,500 and $93,500.
Bitcoin (BTC) dropped below $90,000 this week — the first time in seven months. Santiment said it has already tracked over 102,000 whale transactions exceeding $100,000, and a further 29,000 transactions over $1 million.
Some analysts have speculated whale selling is partly to blame for the crypto market pullback.
However, data from the analytics platform Glassnode shows that large holders have been accumulating since late October, with a notable spike in whale wallets holding more than 1,000 Bitcoin starting last Friday.
Whales are buying the dip
Speaking to Cointelegraph, Pav Hundal, the lead analyst at crypto trading platform Swyftx, said he believes news cycles have driven spikes in whale activity over the last year, with a significant amount of twitch trading linked to geopolitical events in the US.
“BTC has rallied in the wake of Nvidia’s bumper results and that suggests to me that both whales and retail are stepping in and buying,” he said, adding that “the buy-to-sell ratio across Swyftx’s own order books was at record highs in early trading, with 10 buys to every sell, compared to the average of 3:1. Investors are buying the dip.”
Bradley Duke, Managing Director and Head of Bitwise Asset Management in Europe, said in X post on Wednesday that his company has noticed that as fear and panic grip the market, whales have been buying the dip.
“While fear and panic had afflicted many investors, the number of BTC Whales has spiked up of late. Large holders are keeping a level head and buying at discount prices from panic sellers. Stay strong,” he said.
Related: Stay calm: Bitcoin whales are selling, but it’s no ‘sudden exodus’
Patterns suggest a big forced seller: Multicoin exec
Meanwhile, Tushar Jain, co-founder and managing partner of investment firm Multicoin Capital, said in an X post on Wednesday that he can see a pattern in the selling and thinks it could soon come to an end.
BitMine chairman Tom Lee and Bitwise Asset Management chief investment officer Matt Hougan predicted on Monday that Bitcoin could hit a bottom as soon as this week.
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