NewsBTC
Feb 7, 2025
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Bitcoin Price Consolidates Above $95,500 Support Zone

Bitcoin is consolidating above the $95,500 support level, with potential for recovery if it surpasses $100,000.

  • Price declined below $100,000 and is currently trading under $99,000.
  • A bearish trend line forms resistance at $98,000 on the hourly chart.
  • Immediate resistance near $98,000; key resistance levels are $99,100 and $100,000.
  • Support levels include $96,200, $95,500, and potentially $93,200.

Current Price Dynamics

Recent low established at $95,700, followed by a minor increase above $97,000. The price exceeded the 23.6% Fibonacci retracement level of the decline from $102,500.

Bitcoin Price

If Bitcoin fails to breach $98,000, it may decline further towards $96,200 or lower. Technical indicators show the MACD weakening in the bearish zone and RSI near 50.