Bitcoin is currently experiencing a reversal after recently failing to maintain momentum above key resistance levels. The cryptocurrency is trading below the $95,000 level and encountering challenges near the $95,750 resistance level.
The price action indicates that Bitcoin started its decline from the $98,880 range, subsequently slipping below several support levels, including the critical $96,000 and $97,000. At one point, it fell to a low of $92,550, after which a recovery attempt began. A move above the $93,800 resistance was achieved, indicating some potential for upward movement. Moreover, there has been a noteworthy breakout above a short-term bearish trend line at the $94,200 level.
As of now, Bitcoin ’s price remains restricted below $96,000 and also the 100-hour Simple Moving Average. A significant resistance barrier is anticipated around the $95,200 level, but the primary hurdle lies at $95,750. This level aligns closely with the 50% Fibonacci retracement of the downward movement from the $98,880 high to the $92,550 low.
Should Bitcoin gain sufficient bullish momentum and surpass the $95,750 resistance, it could pave the way for an increase towards $97,350. A sustained close above this threshold might further propel the price toward testing the $98,880 level, with the possibility of reaching $100,000.
Conversely, if Bitcoin struggles to break through the $95,750 resistance, a fresh decline might occur, with immediate support positioned at $93,800. The next key support levels follow at $92,500 and further down near $90,000. Continued losses could see Bitcoin approaching the $88,000 support zone in the near term. As the market evolves, traders will need to pay close attention to these critical price levels for future trading decisions.
