Bitcoin Price Declines Below $95,000 While Testing Support at $93,500

Bitcoin (BTC) is currently experiencing a downside correction from the $97,800 level. It is trading below $95,000 and testing the support zone at $93,500.

Support remains above $94,500.
Current trading is under $96,000 and below the 100-hourly Simple Moving Average.
A bearish trend line has formed with resistance at $95,250 on the hourly chart.
A potential increase could occur if the price surpasses the $95,750 mark.

Price Trends

After failing to break the $98,000 resistance, Bitcoin declined below $96,500 and $95,500. A low of $93,570 was reached, with the price now attempting recovery above $94,000.

Immediate resistance is near $94,500, while key resistances are at $95,250 and $95,750. A close above $95,750 may lead to further gains towards $96,800 and potentially $98,000.

Potential Decline

If Bitcoin does not rise above $95,250, another downside correction may begin. Immediate support is around $94,000 and major support levels are at $93,500 and $91,200.

Technical indicators show:

Hourly MACD losing momentum in the bearish zone
Hourly RSI below 50

Major Support Levels: $94,000, $93,500

Major Resistance Levels: $95,250, $95,750