Bitcoin (BTC) Price Analysis: BTC Rejected from $95,700, Opening New Short Liquidation Areas

BTC is moving in a tight price range around $94380. As per IT Tech, amid the current consolidation phase, Bitcoin needs a clear price breakout above $94,8K could lead to a sustained momentum.

Bitcoin is currently trading in a tight price range, with the bulls testing the key level.

Bitcoin Price Levels To Watch

Bitcoin faced rejection from the $95,700 level, with the price later dropping to $93,400, which triggered a bounce. This indicates sell signals around $94,800, adding to the current bearish pressure around the latest price range.

Bitcoin’s present consolidation is taking place in a “chop zone,” which is marked by rapid price swings and indecisive candles between the main resistance and support levels.

The SuperTrend indicator, after its bullish flip, has again begun showing weakness. Strong short liquidation areas, which usually act as resistance zones, have formed between two ranges, including $94,800-$95,000 and $95,600-$95,700.

If Bitcoin fails to hold the respective support cluster, it faces a noteworthy liquidity pool around $92,000, which could expedite a potential dip if triggered.

Technical Analysis: BTC Is Still In A Neutral-To-Cautious Sentiment

The overall sentiment around Bitcoin remains neutral-to-cautious. In the meantime, bulls are being tested as there is a need to push BTC’s price above $95K to recover the bullish structure. However, any further failure near the resistance level of $95K may attract the attention of short sellers.

On the other hand, a price breakdown below the lower $93,400 mark would potentially result in a bearish shift in the provisional market structure.

Stay tuned to Benzinga for more crypto analysis and news.

Featured image from Unsplash and charts by IT Tech.