The post Bitcoin Price Under Pressure: BTC Struggles to Stay Afloat appeared on BitcoinEthereumNews.com.

Bitcoin price extended losses and traded below the $93,500 zone. BTC is correcting gains and might struggle to recover above the $95,000 level. Bitcoin started a fresh decline from the $95,500 resistance zone. The price is trading below $95,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $91,200 support zone. Bitcoin Price Turns Red Below $95K Bitcoin price failed to start a recovery wave above the $95,500 resistance. BTC remained in a short-term bearish zone and extended losses below the $93,500 level. There was a clear move below the $92,000 support zone. The price even traded below $91,200. A low was formed at $91,168 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $102,761 swing high to the $91,168 low. Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $93,500 level. There is also a connecting bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair. The first key resistance is near the $95,000 level. A clear move above the $95,000 resistance might send the price higher. The next key resistance could be $97,000 or the 50% Fib retracement level of the recent decline from the $102,761 swing high to the $91,168 low. A close above the $97,000 resistance might send the price further higher. In the stated case, the price could rise and test the $98,000 resistance level. Any more gains might send the price toward the $98,800 level. Another Drop In BTC? If Bitcoin fails…