Bitcoin collapse accelerates as profits disappear and sellers take full control

Bitcoin price started a new decline from $92,000. BTC is down over 5% and bulls are struggling to keep the price above $86,500.

• Bitcoin has started a new decline below the $90,000 zone.
• The price is trading below $88,000 and the 100 hourly simple moving average.
• On the hourly chart of the BTC/USD pair, the pair broke below the key bullish trend line with support at $89,500 (data feed from Kraken).
• If it breaks below the $86,500 zone, the pair could continue to fall.

Bitcoin price falls again

Bitcoin price failed to settle above the $92,000 resistance zone and a new decline began. BTC fell well below $90,500 and $90,000.

On the hourly chart of the BTC/USD pair, the pair broke below the main bullish trend line with support at $89,500. The pair soared below $87,500. The low formed at $86,500 and the price is currently consolidating losses below the 23.6% Fib retracement level of the decline from the swing high of $91,928 to the low of $86,500.

Bitcoin is currently trading below $90,000 and its 100-hour simple moving average. If the bulls continue their action, the price could try to move higher. Immediate resistance is near the $87,850 level. The first major resistance is near the $89,200 level, or the 50% Fib retracement level of the decline from the swing high of $91,928 to the low of $86,500.

The next resistance level could be at $89,500. If the price closes above the $89,500 resistance, the price could move higher. In the above case, the price may rise and test the $90,650 resistance level. Further upside could push the price closer to the $91,500 level. The next hurdles for the bulls could be $92,000 and $92,500.

Further losses for BTC?

If Bitcoin fails to rise above the $87,800 resistance zone, further decline could begin. Immediate support is near the $86,500 level. The first major support is near the $86,000 level.

The next support is currently located near the $85,500 zone. Any further losses could send the price towards the $83,500 support in the short term. The main support is at $82,200, below which BTC could accelerate its decline in the short term.

Technical indicators:

Hourly MACD – The MACD is currently pacing in the bearish zone.

Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.

Major support level – $86,500, followed by $86,000.

Key resistance levels – $87,800 and $89,200.