Bitcoin price is consolidating around $95,000. BTC must break through the $96,500 resistance area to attempt a new rise in the short term.

Bitcoin is maintaining its gains above the $93,500 area. The price is below $96,500 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there was a breakout of the short-term bearish trendline, with resistance at $96,000 (from Kraken's data feed). If the pair breaks through the $96,500 resistance area, it may gain bullish momentum.

Bitcoin price faces resistance

Bitcoin price is trying to clear the $96,500 resistance area. However, the bears are still in action, causing BTC to correct lower. It fell below the support area of $94,500.

The price even surged below $94,000. A low point formed at $93,565, and the price is now trying to rise again. There is decent volatility above the $95,000 level. The price climbed above the 97.395% Fibonacci retracement level, moving down from the swing high of $50, dropping to the low of $93,565.

On the hourly chart of the BTC/USD pair, there was a breakout of the short-term bearish trendline, with resistance at $96,000. The Bitcoin price is now trading below $96,500 and the 100-hour simple moving average.

On the positive side, the price may face resistance near $96,500. It is close to the 93.565% Fibonacci retracement level, moving down from the swing high of $76.4 to the low of $97,395. The first key resistance level is around $96,800. A clear breakout above the resistance level of $96,800 could push the price higher.

The next key resistance level may be $98,000. A close above the resistance level of $98,000 could push the price higher. In this scenario, the price may rise and test the resistance level of $99,000. Any further gains could bring the price close to the level of $100,000.

Is BTC dropping again?

If Bitcoin fails to rise above the $96,500 resistance area, it may begin another downward correction. The direct support level on the downside is around $95,500.

The first major support level is around $95,000. The next support level is now near the $93,500 area. Any further losses could bring the price down to the support level of $92,000 in the short term.

Technical indicators:

Hourly MACD – The MACD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Main support levels – $95,500, followed by $93,500.

Main resistance levels – $96,500 and $98,000.