Bitcoin encountered significant resistance after rising to $95,100, with bulls failing to maintain the upward momentum, causing the price to retreat and oscillate around $94,400. The technical indicators show signs of a short-term peak, with the 4-hour RSI dropping from the overbought zone and the MACD fast and slow lines forming a death cross at a high level. If the price cannot stabilize above $95,000, it may further test the support range of $93,000-$92,800.
The current key watershed is at the $94,000 level. If it is effectively broken, it will confirm a short-term bearish trend, with a key focus on the $92,500 support below. Aggressive traders may consider lightly shorting in the $94,500-$94,800 range, with a stop-loss set above $95,200; conservative traders are advised to wait for a clear break below $94,000 before following up. Be mindful of changes in market sentiment; if the price unexpectedly breaks above $95,100, a stop-loss and wait approach should be taken.
