Bitcoin Price $95K Plateau: What’s Next for Crypto?
Bitcoin price is consolidating near $95,000. BTC must break above the $96,500 resistance zone to attempt fresh gains in the short term.
- Bitcoin maintains gains above the $93,500 area.
- The price is trading below $96,500 and the 100 hourly simple moving average.
- There is a short-term bearish trend line breaking above resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- The pair is likely to gain bullish momentum if it breaks the $96,500 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin price attempts to clear $96,500 Resistance Zone. However, bears are still in action and Bitcoin has pulled back lower. It fell below the $94,500 support area.
The price has even soared below $94,000. A low was formed at $93,565 and the price is now attempting a new leg higher. The price is seeing a decent move above $95,000. The price climbed above the 50% Fib retracement level of the downward move from the swing high of $97,395 to 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 currently below $96,500, 100 hour simple moving average.
On the upside, the price may face resistance near $96,500. It is close to the 76.4% Fib retracement level of the downward move from the swing high of $97,395 to low of $93,565. The first key resistance is near $96,800. A clear break above the $96,800 resistance could lead to a move higher.
The next key resistance level is likely to be $98,000. A close above the $98,000 resistance could lead to further gains. In the above scenario, the price may rise and test the $99,000 resistance. If there is further upside, the price may rise towards the $100,000 level.
Bitcoin falling again?
If Bitcoin fails to break above the $96,500 resistance zone, it may start another downside correction. Immediate support on the downside lies near the $95,500 level.
The first major support level is located near $95,000. The next support is near the $93,500 area. Any further losses could push the price towards the $92,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support level – $95,500, followed by $93,500.
Major resistance levels – $96,500 and $98,000.
