Bitcoin Price Consolidates Near $95,000 With Resistance at $96,500
Bitcoin prices consolidate near the $95,000 level. BTC must clear the $96,500 resistance zone to attempt a fresh increase.
- Bitcoin is holding gains above the $93,500 zone.
- The price is trading below $96,500 and the 100 hourly Simple Moving Average.
- A break occurred above a short-term bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $96,500 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin attempted to clear the $96,500 resistance zone. However, selling pressure led to a correction below the $94,500 support zone.
The price briefly dropped below $94,000, forming a low at $93,565, before attempting an increase. It moved above the $95,000 level and surpassed the 50% Fib retracement level of the downward move from the $97,395 swing high to the $93,565 low.
A break above a short-term bearish trend line with resistance at $96,000 occurred in the BTC/USD pair. Currently, Bitcoin is trading below $96,500 and the 100 hourly Simple Moving Average.
On the upside, resistance near the $96,500 level persists, close to the 76.4% Fib retracement level from the $97,395 high to the $93,565 low. The first key resistance is around $96,800. A clear move above this level may lead to further price increases.
The next significant resistance could be at $98,000. A close above this level might push the price higher, potentially testing the $99,000 resistance level. Further gains could lead to a rise toward the $100,000 level.
Potential for Another Drop in BTC
If Bitcoin does not rise above the $96,500 resistance zone, another downside correction could occur. Immediate support is near the $95,500 level.
The first major support is at $95,000, followed by $93,500. Additional losses could push the price toward the $92,000 support level.
Technical indicators:
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major Support Levels – $95,500, followed by $93,500.
Major Resistance Levels – $96,500, and $98,000.