Bitcoin is consolidating gains above the $94,000 zone. BTC is rising again and may aim to break through the resistance zone of $95,500.

  • Bitcoin remains supported above $93,850.

  • The price is trading above $94,100 and the 100-hour simple moving average.

  • There has been a breakdown below the bullish trend line connecting to the support level of $94,850 on the hourly chart of the BTC/USD pair (data from Kraken).

  • This currency pair could start to rise further if it surpasses the $95,500 threshold.

Bitcoin price heading towards a new rally

Bitcoin price has started a short-term bearish correction from the resistance zone of $95,500. BTC has dropped below the support levels of $95,000 and $94,500.

There has been a move below the 50% Fib retracement level of the upward move from the swing low of $92,900 to the high of $95,488. Additionally, there has been a breakdown below the bullish trend line connecting to the support level at $94,850 on the hourly chart of the BTC/USD pair.

However, buyers are actively operating near the support level of $93,850 and the 61.8% Fibonacci retracement of the rise from the low of $92,900 to the high of $95,488.

Bitcoin is currently trading above $94,500 and the 100-hour simple moving average. On the positive side, immediate resistance is near $95,000. The first important resistance level is near $95,250. The next important resistance could be $95,500.

Closing above the resistance level of $95,500 could push the price higher. In that case, the price could rise and test the resistance level of $96,500. Any further increase could push the price up to $98,000.

Another price drop for BTC?

If Bitcoin does not break through the resistance zone of $95,500, it may begin another bearish correction. Immediate support on the decline is near $94,500. The first key support is near $93,850.

The next support level is currently near the $93,500 zone. Any further losses could push the price down to the support level of $92,500 in the near future. The key support is at $91,200.

Technical indicators:

  • Hourly MACD – The MACD is currently accelerating in the bullish zone.

  • Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is currently above 50.

  • Key support – $94,500, followed by $93,850.

  • Major resistance – $95,250 and $95,500.