Bitcoin Slides Deeper Into Red, Extending Decline Toward Key Support Zones
Overview
Bitcoin’s price has experienced a significant decline, failing to recover above key resistance levels. This downward trend raises concerns regarding potential further losses as it approaches critical support zones.
Current Price Movement
Bitcoin has seen a drop of over 3%, struggling to maintain a position above $96,500. The price began a fresh decline, moving below both $95,000 and $94,500. Currently, Bitcoin is trading below $98,000 and the 100 hourly Simple Moving Average. A bearish trend line is forming, indicating resistance at $96,600 on the hourly chart of the BTC/USD pair.
As Bitcoin attempts to stabilize, it faces challenges. The price failed to stay above the $95,500 pivot level, with bearish pressure pushing it lower. A low was recorded at $92,890, and now the price is consolidating losses near the 23.6% Fibonacci retracement level of the recent decline from a previous high.
If there is an attempt at recovery, the price may encounter resistance near the $95,500 level, with additional resistance at $96,500 and the trend line. Should Bitcoin manage to close above $97,200, it could potentially rise further, testing the $98,500 resistance.
Potential for Further Declines
The outlook for Bitcoin remains cautious. If it fails to rise above the $96,600 resistance zone, it may initiate another decline. Immediate support is identified near the $93,500 level, with major support at $92,500. Further losses could lead Bitcoin toward the $90,000 support, while the main support is situated at $88,500. If this level is breached, a more substantial decline could occur.
Impact on the crypto market
- Bitcoin’s inability to recover above key resistance levels may affect trader confidence.
- The establishment of new support levels can influence market sentiment and trading strategies.
- Ongoing bearish trends could lead to increased volatility in the crypto market.
- Potential further declines may trigger sell-offs among investors looking to minimize losses.
- Resistance levels could serve as critical points for traders to watch for potential reversals.
Updated: 11/17/2025, 3:18:59 AM
