Bitcoin Price Consolidates Above $94,000, Eyes $95,500 Resistance
Bitcoin is consolidating above the $94,000 mark, indicating potential for an upward movement. Key points include:
- Support remains strong above $93,500.
- Current trading is above $94,000 and the 100-hour Simple Moving Average.
- A bullish trend line has formed with support at $94,200 on the hourly chart.
- A breakthrough above $95,500 may initiate further gains.
Price Movements
Bitcoin has experienced fluctuations, peaking at $95,488 before a correction below key levels of $94,500 and $94,200.
Recent activity shows:
- Bulls defended the $93,500 support and the 76.4% Fibonacci retracement level.
- Immediate resistance is noted at $95,250, with critical resistance at $95,500.
- A close over $96,250 could lead to resistance testing at $97,500 and potentially $98,800.
Potential Downside Risks
If Bitcoin does not surpass the $95,500 resistance, a decline may occur.
- Immediate downside support is at $94,200, with major support at $93,500.
- Additional losses could see prices test the $92,900 and $92,500 levels, with a main support at $91,200.
Technical indicators show a bullish MACD and an RSI above 50, reflecting positive momentum.