Bitcoin prices consolidate near the $95,000 level. BTC must clear the $96,500 resistance zone to attempt a fresh increase in the near term.
Bitcoin is holding gains above the $93,500 zone.
The price is trading below $96,500 and the 100 hourly Simple moving average.
There was a break above a short-term bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $96,500 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin price attempted to clear the $96,500 resistance zone. However, the bears remained in action and BTC corrected lower. There was a move below the $94,500 support zone.
The price even spiked below $94,000. A low was formed at $93,565 and the price is now attempting a fresh increase. There was a decent move above the $95,000 level. The price climbed above the 50% Fib retracement level of the downward move from the $97,395 swing high to the $93,565 low.
There was a break above a short-term bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $96,500 and the 100 hourly Simple moving average.
On the upside, the price could face resistance near the $96,500 level. It is close to the 76.4% Fib retracement level of the downward move from the $97,395 swing high to the $93,565 low. The first key resistance is near the $96,800 level. A clear move above the $96,800 resistance might send the price higher.
The next key resistance could be $98,000. A close above the $98,000 resistance might send the price further higher. In the stated case, the price could rise and test the $99,000 resistance level. Any more gains might send the price toward the $100,000 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $96,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $95,500 level.
The first major support is near the $95,000 level. The next support is now near the $93,500 zone. Any more losses might send the price toward the $92,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $95,500, followed by $93,500.
Major Resistance Levels – $96,500, and $98,000.
