Bitcoin ’s recent performance reveals a consolidation of losses, with the price sitting below the key level of $95,500. Current trends indicate a bearish outlook, as the cryptocurrency could face challenges in surpassing the $95,800 level.
The cryptocurrency made attempts at a recovery from the $91,150 region, initially breaching the $92,000 resistance. It managed to climb above the $93,500 and $94,000 levels, bolstered by a break above a bearish trend line at $93,650. Despite this temporary upturn, Bitcoin now trades below $94,500 and the 100-hour simple moving average, suggesting that bearish momentum remains prevalent.
Resistance levels are firmly established, with immediate resistance identified around $95,000. A significant hurdle lies at the $95,800 level; overcoming this could signal a potential rise, with the next resistance potentially reaching the $97,000 territory. This level corresponds to the 50% Fibonacci retracement of the decline from a previous swing high of $102,761 to a low of $91,168. If Bitcoin manages to close above $97,000, it could further propel the price toward the $98,800 resistance. Continued positive momentum could even see the price approach $99,500.
On the contrary, if Bitcoin is unable to breach the $95,800 resistance, a new downturn might occur. Immediate support is observed at the $92,500 level, while stronger support is positioned at $92,000 and subsequently at $91,200. A further decline could lead to testing the $90,000 support level.
Technical indicators paint a bearish picture, with the hourly MACD showing increasing bearish momentum and the Relative Strength Index (RSI) falling below the 50 level, highlighting weak buying pressure.
