Bitcoin (BTC) continues to face bearish pressure, struggling below the $96,200 resistance zone. After failing to break above $98,500, BTC dropped to $93,388, before slightly recovering above $95,000. However, the downtrend remains strong, and Bitcoin’s ability to hold key support levels will determine its next move.
Bitcoin Price Faces Resistance at $96K
BTC’s latest decline began when it failed to clear the $98,000 resistance. A downward move took BTC below $96,500, breaking through $96,200 support. The dip extended to $93,400, where bulls stepped in to defend against further losses.
BTC is trading below $96,200 and the 100-hour simple moving average (SMA). A bearish trend line is also forming, with resistance at $96,000 on the hourly BTC/USD chart (data feed from Kraken).
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Key Resistance Levels for Bitcoin
- Immediate resistance: $96,000 (trend line resistance)
- First major resistance: $96,200 (50% Fib retracement level)
- Next major resistance: $96,750 (breakout point for bullish momentum)
- Potential upside target: $97,500 – $98,500
A break above $96,750 could push Bitcoin toward the $98,000 – $98,500 resistance zone. If BTC crosses $98,500, it could regain bullish momentum and test higher levels.
Can Bitcoin Hold $95K or Drop Further?
If Bitcoin fails to break $96,000, it could trigger another downward move. The key support levels to watch are:
- $95,000 – Immediate support
- $94,200 – First major support
- $93,400 – Crucial support level
- $92,200 – Next downside target if BTC breaks below $93,400
- $91,000 – Main support level
If Bitcoin breaks below $93,400, it could face extended losses toward $92,200 – $91,000.
Technical Indicators
- MACD (Moving Average Convergence Divergence): Losing pace in the bearish zone
- RSI (Relative Strength Index): Below 50, indicating continued bearish pressure
- 100-Hour SMA: Bitcoin remains below this level, signaling weak momentum
What’s Next for BTC?
Bitcoin remains under pressure, and its ability to hold $95,000 support will be crucial for any potential recovery. If BTC reclaims $96,750, it could rally toward $98,500. However, failure to break resistance could lead to further losses toward $93,400 and lower support zones.
Traders should watch the $96,000 resistance and $95,000 support closely, as these levels will define BTC’s next move.
Disclaimer:
This article is for informational purposes only and should not be considered financial or investment advice. CryptosNewss.com and the author are not responsible for any financial losses incurred. Readers should conduct their own research before making investment decisions.
