Bitcoin Price Consolidates Above $94,000, Eyes Move Above $95,500

Bitcoin (BTC) is consolidating above $94,000 and may target the $95,500 resistance level.

Bullish support remains above $93,850.
Current trading price exceeds $94,100 and the 100-hour simple moving average.
A break occurred below a bullish trend line at $94,850 on the BTC/USD hourly chart.
A potential increase could happen if the price surpasses $95,500.

Market Overview

After a brief correction from the $95,500 resistance, Bitcoin has dipped below $95,000 and $94,500. It also fell below the 50% Fib retracement level from the recent swing low of $92,900 to the high of $95,488.

Support was noted around $93,850 and the 61.8% Fib retracement level. Currently, Bitcoin trades above $94,500 and remains above the 100-hour moving average.

Resistance levels are identified at:

$95,000 (immediate)
$95,250 (first key)
$95,500 (next key)

A close above $95,500 may propel Bitcoin toward $96,500 and potentially $98,000.

Potential Downside Risks

If Bitcoin does not breach the $95,500 resistance, it may face another downward correction. Key support levels include:

$94,500 (immediate)
$93,850 (first major)
$93,500 (next)
$92,500 (further losses)
$91,200 (main support)

Technical indicators show a bullish MACD and an RSI above 50.