Bitcoin Price Consolidates Above $95,000 Support Zone

Bitcoin Price Analysis

Current price consolidating above $95,000 support zone.
Recent increase from $94,200 with trading above $96,500.
Break above bearish trend line at $96,000 on hourly BTC/USD chart.
Key resistance levels identified at $98,000 and $98,500.

Bitcoin price tested a low at $94,111 before initiating an upward movement. The price has surpassed the 50% Fibonacci retracement level and is above the 100 hourly Simple Moving Average.

Immediate resistance near $98,000; a close above $99,500 could lead to a test of the $100,000 level. Conversely, failure to breach $98,500 may result in declines, with immediate support at $97,200 and major support levels at $96,750 and $94,200.

Technical indicators show a declining MACD in the bullish zone, while the RSI remains above 50.