Bitcoin prices consolidate near the $95,000 level. BTC must overcome the $96,500 resistance zone to attempt a new rise in the near term.
- Bitcoin maintains 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 breaks the $96,500 resistance zone.
Bitcoin price faces resistance
Bitcoin price tried to erase 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 shot up below $94,000. A low was formed at $93,565 and the price is now attempting a new rise. There was a decent move above the $95,000 level. The price rose above the 50% Fibonacci retracement level of the downward move from the high of $97.395 to the low of $93.565.
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 hour simple moving average.
On the upside, the price could face resistance near the $96,500 level. It is near the 76.4% Fib retracement level of the downside move from the high $97,395 to the low $93,565. The first key resistance is near the $96,800 level. A clear move above the $96,800 resistance could push the price higher.
The next key resistance could be $98,000. A close above the $98,000 resistance could push the price up further. In the given case, the price could rise and test the resistance level of $99,000. Any further gains could send the price towards the $100,000 level.
Another drop in BTC?
If Bitcoin fails to break above the $96,500 resistance zone, it could start another downward correction. Immediate downside support 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 area. Any further losses could send the price towards the $92,000 support in the near term.
Technical indicators:
MACD Hourly: 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.
Main support levels: $95,500, followed by $93,500.
Main resistance levels: $96,500 and $98,000.
Fountain: NewsBTC.com
