Bitcoin Price Consolidates Below $97,200 After Recent Decline

Bitcoin Price Update

• Bitcoin struggles to break above $100,000 and is consolidating around $96,000.
• The price declined from $99,500, trading below $97,500 and the 100 hourly Simple Moving Average.
• Resistance at $96,400 due to a bearish trend line on the hourly chart.
• Potential for recovery exists if BTC remains above $95,000.

Price Movement Details

Bitcoin formed a base above $95,500 and attempted a recovery, surpassing resistance levels of $97,000 and $98,500. The peak reached $99,481 before declining past $98,000 and hitting a low of $94,888.

Current price is below $97,200 with immediate resistance near $96,500 and key resistance at $97,200 and $97,750. A close above $97,750 could lead to testing $98,800, $99,500, or even $100,000.

Future Outlook

If Bitcoin does not rise above $97,200, it may decline further. Immediate support is at $95,500, followed by major support at $95,000 and $94,200, with a significant level at $92,400.

Technical indicators show:

• MACD indicates bullish momentum.
• RSI is above 50.

Key Support Levels: $95,500, $95,000

Key Resistance Levels: $96,500, $97,200