Bitcoin Price Drops Below $95,000 Amidst Resistance Challenges
Bitcoin price is correcting gains below the $96,500 resistance. BTC is trading below $95,000 and may encounter hurdles near the $95,750 resistance.
- Bitcoin started a downside correction from the $98,880 zone.
- The price is trading below $96,000 and the 100 hourly Simple Moving Average.
- A break occurred above a short-term bearish trend line with resistance at $94,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate another increase if it surpasses the $95,750 resistance zone.
Bitcoin Price Corrects Gains
Bitcoin struggled to extend gains above $98,800 and $99,000, initiating a downside correction below $97,000 and $96,000, dipping below $95,000. A low was established at $92,550, followed by a rise above the $93,800 resistance level. The price cleared the 23.6% Fib retracement level of the downward move from the $98,880 swing high to the $92,550 low.
A break above a short-term bearish trend line with resistance at $94,200 occurred on the hourly chart of the BTC/USD pair. Bitcoin is currently trading below $96,000 and the 100 hourly Simple Moving Average.
On the upside, the price may face resistance near the $95,200 level, with the first key resistance near $95,750, close to the 50% Fib retracement level of the downward move from the $98,880 swing high to the $92,550 low.
A clear move above the $95,750 resistance may drive the price higher, with the next key resistance at $97,350. A close above this level may lead to further gains, potentially testing the $98,880 resistance level. Continued gains could push the price toward $100,000.
Another Dip In BTC?
If Bitcoin does not rise above the $95,750 resistance zone, it may begin another downside correction. Immediate support is near the $93,800 level.
The first major support is around $92,500, followed by the $90,000 zone. Further losses could bring the price down to the $88,000 support in the near term.
Technical indicators:
- Hourly MACD – Gaining pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – Currently below the 50 level.
Major Support Levels – $93,800, followed by $92,500.
Major Resistance Levels – $95,750 and $97,350.