Key Highlights
- Bitcoin failed above $95,000 and trimmed most gains.
- BTC/USD traded below a bullish trend line with support at $92,000 on the 4-hour chart.
- Ethereum also dipped below $3,200 and $3,000.
- Gold extended its surge to a new record high above $4,720.
Bitcoin Price Technical Analysis
Bitcoin price failed to settle above $95,000 against the US Dollar. BTC started a fresh decline below $93,500 and $92,000.
Looking at the 4-hour chart, the price traded below a bullish trend line with support at $92,000. There was a move below the 50% Fib retracement level of the upward move from the $89,161 swing low to the $97,944 high.
The price even settled below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). Immediate support sits at $88,200.
A downside break below $88,2000 might start another decline. The next major support is $87,500, below which BTC could decline toward $86,000. If there is a recovery wave, the price could face resistance at $90,500.
The first key hurdle is $92,000 and the same trend line. A close above $92,000 and then the 100 simple moving average (red, 4-hour) could start a steady increase. In the stated case, the price may perhaps rise toward the $95,000 level. Any more gains might call for a test of $97,000.
Looking at Ethereum, the price also reacted to the downside below $3,000. The bears might now aim for a drop below $2,880.
Today’s Key Economic Releases
- President Trump’s speech.
- ECB’s President Lagarde speech.
