Bitcoin Price Eyes Key Upside Break

Bitcoin price is consolidating gains above the $94,000 zone. BTC is showing positive signs and might aim for a move above the $95,500 resistance zone.

Bitcoin Price Eyes Key Upside Break

Bitcoin price remained stable above the $93,500 level and started a fresh increase. BTC was able to climb above the $94,000 and $94,200 resistance levels.

The bulls were able to pump the price above the $95,200 resistance. The recent high was formed at $95,488 and the price started a downside correction. There was a drop below the $94,500 and $94,200 levels. The price dipped below the 50% Fib retracement level of the upward move from the $92,900 swing low to the $95,488 high.

However, the bulls were active near the $93,500 support and the 76.4% Fib retracement level of the upward move from the $92,900 swing low to the $95,488 high.

Bitcoin price is now trading above $94,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $94,200 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $95,250 level. The first key resistance is near the $95,500 level. The next key resistance could be $96,250. A close above the $96,250 resistance might send the price further higher. In the stated case, the price could rise and test the $97,500 resistance level. Any more gains might send the price toward the $98,800 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $95,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $94,200 level and the trend line. The first major support is near the $93,500 level.

The next support is now near the $92,900 zone. Any more losses might send the price toward the $92,500 support in the near term. The main support sits at $91,200.

Technical indicators:

Hourly MACD - The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now above the 50 level.

Major Support Levels - $94,200, followed by $93,500.

Major Resistance Levels - $95,250 and $95,500.