Bitcoin price is consolidating around $95,000. BTC must break through the resistance zone of $96,500 to achieve a new rise in the short term.
Bitcoin maintains its upward trend above $93,500.
The price is below $96,500 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair (data from Kraken), a short-term bearish trend line has been broken, with resistance at $96,000.
If the currency pair breaks through the resistance zone of $96,500, it may gain bullish momentum.
Bitcoin price faces resistance.
The Bitcoin price is trying to break through the resistance zone of $96,500. However, the bears are still active, and BTC is correcting downwards, breaking below the support zone of $94,500.
The price even briefly fell below $94,000. The low was formed at $93,565, and the current price is trying to rise again. The price has shown a good increase above $95,000. The price has risen above the 50% Fibonacci retracement level of the downward move from the high of $97,395 to the low of $93,565.
On the hourly chart of the BTC/USD pair, the short-term bearish trend line has been broken, with resistance at $96,000. The Bitcoin price is currently below $96,500 and the 100-hour simple moving average.
From an upward perspective, the price may face resistance around $96,500. This level is close to the 76.4% Fibonacci retracement level of the downward move from the high of $97,395 to the low of $93,565. The first key resistance level is around $96,800. If it can significantly break through the resistance level of $96,800, it may push the price higher.
The next key resistance level may be $98,000. A closing price above the resistance level of $98,000 may further push the price higher. In this case, the price may rise and test the resistance level of $99,000. If it rises further, the price may reach the level of $100,000.
BTC declines again?
If Bitcoin fails to break through the resistance zone of $96,500, it may begin another downward correction. The direct support level downwards is around $95,500.
The first major support level is around $95,000. The next support level is currently in the $93,500 area. If the price falls further, it may drop 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 currently below the 50 level.
Major support level - $95,500, followed by $93,500.
Major resistance levels - $96,500 and $98,000.