Bitcoin Faces Resistance Near $94,200 Amid Recovery Attempts

Bitcoin price is facing resistance after a decline, with key levels to watch:

  • BTC is trading below $93,000 and the 100 hourly Simple Moving Average.
  • A bearish trend line is forming resistance at $94,200 on the BTC/USD hourly chart.
  • Support found near $89,250; attempts are being made to recover above $90,700.
  • Resistance levels include $93,350 (61.8% Fib retracement) and $94,200.

Bitcoin Price

Potential Movements

  • If BTC rises above $94,200, it may target the $95,000 level and potentially reach $96,500-$97,000.
  • Failure to break $94,200 could lead to another decline, with support at $91,500 and $90,700.
  • Main support lies at $86,500.

Technical Indicators

  • Hourly MACD: Losing pace in the bearish zone.
  • Hourly RSI: Above 50, indicating potential stabilization.