#btc #bitcoin #bitcoinnextmove $BTC Bitcoin Price Faces Uncertainty: Is a Decline Becoming More Likely?
Bitcoin’s price remains stuck in a range below the $95,500 mark, showing bearish tendencies and finding it difficult to recover above $95,800.
Key Developments:
Bitcoin initiated a rebound from around $91,150.
The price remains below $94,500 and the 100-hour simple moving average.
A breakout above a bearish trend line with resistance near $93,650 was noted on the hourly chart for the BTC/USD pair (Kraken data).
The price could potentially rise if it holds above the $92,500 support level.
Bitcoin Struggles to Hold Above $95K
After a brief recovery beyond the $92,000 resistance, Bitcoin managed to surpass the $93,500 and $94,000 thresholds. The bulls pushed the price past the 23.6% Fibonacci retracement level of the decline from the $102,761 high to the $91,168 low. Additionally, there was a break above a connecting bearish trend line near $93,650.
Despite these gains, Bitcoin is facing resistance below the $95,800 level and is currently trading under $95,000, along with the 100-hour simple moving average. On the upside, $95,000 acts as immediate resistance.
Resistance and Possible Price Movements
The initial major resistance is close to $95,800. A decisive move above this level could propel the price higher, potentially reaching $97,000 or the 50% Fibonacci retracement of the prior drop from $102,761 to $91,168.
If Bitcoin manages to close above the $97,000 resistance, it might continue to rise towards $98,800. Further gains could push the price to the $99,500 mark.
Potential for Another Decline?
If Bitcoin fails to break past the $95,800 resistance, a renewed decline might be on the horizon. Immediate support on the downside lies near $92,500, followed by significant support at $92,000. Should the selling pressure increase, Bitcoin could retest the $91,200 support level and possibly slide towards $90,000.
Technical Indicators:
Hourly MACD: Showing increased momentum in the bearish zone.
Hourly RSI: Currently below the 50 level for BTC/USD.
Major Support Levels: $92,500 and $91,200.
Major Resistance Levels: $95,000 and $95,800.
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