BitcoinResistance

$BTC is currently trading around $95,500, experiencing a 3% decline in the last 24 hours. The market shows bearish momentum, with BTC struggling to hold above critical levels.
Key Support Levels:
1. $93,700: The recent 24-hour low, acting as the nearest support level.
2. $90,000: A psychological level with historical buying interest.
Key Resistance Levels:
1. $97,530: The 7-day EMA, which BTC needs to reclaim to reverse bearish sentiment.
2. $99,000 - $100,000: A strong resistance zone that could trigger further upside if breached.
Market Sentiment:
▫️The RSI suggests oversold conditions, indicating a possible bounce.
▫️However, the MACD and declining volume signal continued bearish pressure.
Strategy Tip:
Traders should monitor BTC's reaction near $93,700 for a potential bounce or a breakdown. A close above $97,530 could signal a recovery, while a fall below $93,700 might lead to $90,000. Always use stop-loss orders to minimize risk.
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Bitcoin is currently consolidating just below the $100,000 mark, trading around $95,000 to $98,500. While the cryptocurrency has shown resilience in this range, breaking past the six-figure milestone remains a significant challenge. After hitting resistance near $98,500, Bitcoin faced another pullback, dipping below $96,500 and testing the $95,000 support zone. The 100-hour Simple Moving Average (SMA) now sits below $96,500, indicating a potential bearish tilt in the short term.
Recently, a key bullish trendline, which had been supporting the price at $96,670, was breached on the hourly BTC/USD chart. Despite this, Bitcoin managed to recover slightly, climbing back above $95,500 and surpassing the 23.6% Fibonacci retracement level from the $98,424 high to the $94,899 low. Immediate resistance lies at $96,650, with more substantial hurdles at $97,000 and $97,600—the latter being the 76.4% Fibonacci retracement level. A decisive close above $97,600 could reignite bullish momentum, pushing the price toward $98,500 and potentially breaking the $100,000 barrier.
However, if Bitcoin fails to reclaim the $97,000 level, further declines could be in store. Initial support is found near $95,500, with more significant levels at $95,000 and $93,500. A deeper correction might drive the price toward $92,000, with strong support anticipated around $91,000.
Technical indicators present a mixed outlook. The MACD remains in the positive zone on the hourly chart, suggesting some bullish potential. However, the Relative Strength Index (RSI) for BTC/USD has dipped below 50, signaling a possible bearish shift. Key support levels to watch are $95,500 and $95,000, while resistance levels stand at $97,000 and $98,000. A break above these resistance points could pave the way for Bitcoin to challenge its all-time highs and beyond.
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