Bitcoin Price Surges Above $94,000 with $95,500 Resistance Ahead

Bitcoin price is currently above $94,000 and showing potential for a rally.

Support remains strong above $92,500.
Price is trading above the 100 hourly Simple Moving Average.
Resistance is identified at $95,000 due to a bearish trend line.
A breakout above $95,500 could initiate further gains.

Price Movement Overview

After a short-term correction from $95,250, Bitcoin experienced a decline below $94,500, finding support at $92,970. It has since recovered and is trading above $94,000.

The price exceeded the 50% Fib retracement level and is now positioned above the 76.4% Fib retracement level of the recent downward movement.

Key resistance levels are set at $95,250 and $95,500. A close above $95,500 may propel Bitcoin toward $96,500 and potentially $98,000.

Potential Downside Risks

If Bitcoin does not breach the $95,500 resistance, it could face a pullback. Immediate support is near $94,200, with major supports at $93,500 and $93,000. Further declines could lead to testing the $92,500 support level and the main support at $91,200.

Technical indicators show:

MACD is gaining momentum in the bullish zone.
RSI is above the 50 level.

Major support levels are $94,500 and $93,500. Major resistance levels are $95,250 and $95,500.