Bitcoin ’s price is currently facing challenges in breaking through the $100,000 barrier as it trades in a consolidation phase around the $95,000 support level. Recently, the price corrected from higher resistance levels, dropping below the pivotal $96,500 level and the 100-hourly simple moving average, indicating a short-term bearish trend.
In the latest trading session, Bitcoin attempted to surpass the $98,000 resistance but encountered significant selling pressure, leading to a retreat. The price fell steeply, forming a low at $94,450 before stabilizing slightly above the $95,200 level. This recent movement saw the price testing the 50% Fibonacci retracement level in relation to the decline from the $97,396 peak to the recent low. Currently, Bitcoin is positioned below $96,500, facing resistance near the $96,250 level. Coordinates of this resistance coincide with a forming bearish trend line, suggesting further pressure on the price if it cannot break above these levels.
Looking ahead, for Bitcoin to gain upward momentum, it must clear the resistance at $96,500, with initial targets set for the $96,800 level. A successful breach of this range could open the way for more substantial gains, potentially pushing the price toward the critical $98,000 level. Should this resistance be surpassed, Bitcoin could test the $98,800 level, and another surge could bring it closer to the elusive $100,000 milestone.
Conversely, if Bitcoin is unable to overcome the $96,250 resistance, a downward correction may ensue, with immediate support positioned around $95,000. Should the downward trend continue, key support levels to watch include $94,500 and $93,200, with potential further declines toward the $91,500 area if bearish pressure intensifies.
