Bitcoin Price Faces Resistance at $94,500 Amid Consolidation

Bitcoin is currently facing resistance at the $94,500 level while consolidating gains. A potential correction may test the $91,200 support zone.

Bitcoin moved above $92,500 and $92,800.
The price is above $92,000 and the 100 hourly Simple Moving Average.
A bullish trend line forms support at $93,100 on the hourly chart.
Further increases could occur if Bitcoin surpasses $94,500.

Current Price Dynamics

Bitcoin stabilized above $88,800 and initiated an upward trend, breaking through resistances at $90,500 and $92,000. It reached a high of $94,450 before entering a consolidation phase.

Immediate resistance lies near $94,200, with key levels at $94,500 and $94,650. Sustained movement above $94,650 may push prices towards $95,500 and potentially $96,200.

Potential Downside Risks

If Bitcoin does not breach the $94,200 resistance, it may experience a correction. Immediate support is at $93,100, with major support at $92,750 and $91,700. Significant losses could lead to testing the $90,500 support level, with critical support at $90,000.

Technical indicators show:

MACD losing momentum in the bullish zone
RSI above 50

Major support levels are at $93,100 and $92,750. Major resistance levels are at $94,450 and $94,650.