Source of the original article: The bean shark is here

Bitcoin price corrects increase

Bitcoin's price is struggling to extend the increase above $98,800 and $99,000. BTC began a downside correction below $97,000 and $96,000. It even fell below $95,000.

The low was formed at $92,550, and the price is currently rising. The price broke through the $93,800 resistance level. The price broke through the 23.6% Fibonacci retracement level on the downside from the high of $98,880 to the low of $92,550.

Furthermore, the BTC/USD pair broke through the short-term bearish trend line on the hourly chart, with resistance at $94,200. Bitcoin price is currently below $96,000 and 100 hourssimple moving average.

On the upside, the price is likely to face resistance near $95,200. The first key resistance is near the $95,750 level. It is close to the 50% Fibonacci retracement level on the downside from the high of $98,880 to the low of $92,550.

A clear break above the $95,750 resistance level could push the price higher. The next key resistance level is likely to be at $97,350. Closing above the $97,350 resistance level is likely to trigger more gains. In this case, the price could rise and test the $98,880 resistance level. Any further increase could push the price to the $100,000 level.

Is BTC falling again?

If Bitcoin fails to break through the $95,750 resistance level, another downward correction could begin. Downward directnessSupport levelAround $93,800.

The first major support is near the $92,500 level. The next support is currently near the $90,000 area. If the price falls further, it could fall to the $88,000 support level in the short term.