Bitcoin Price Consolidates Above $95,000 Amid Bearish Momentum

Bitcoin is currently consolidating above the $95,000 support zone but is experiencing downward pressure. A close above $98,800 is necessary to avoid further declines.

Bitcoin declined below $98,000.
Currently trading below $98,000 and the 100 hourly Simple Moving Average.
A bearish trend line has formed with resistance at $98,200.
Potential for upward movement if it surpasses the $98,000 level.

Price Analysis

The price failed to maintain levels above $100,500 and has since moved below $98,500, gaining bearish momentum.

The price fell below key levels including:

$98,000
$96,000
$95,500 (tested)
50% Fib retracement of the move from $91,000 to $102,500
61.8% Fib retracement of the same move

Immediate resistance is at $96,750 and critical resistance near $98,000. If cleared, potential resistance levels include $100,000 and $101,200.

Potential Declines

If Bitcoin cannot breach $98,000, a decline is likely. Key support levels are:

Immediate support around $96,000
Major support at $95,500
Next support near $93,700
Main support at $91,000

Technical indicators show:

Hourly MACD indicates increasing bearish momentum.
RSI is below the 50 level.