Bitcoin (BTC) Price Consolidates Above $94k, Showing Positive Signs That Might Take It Past $95,500 Resistance

Bitcoin (BTC) price is currently consolidating gains as it stalls above the $94,000 zone. This could set the stage for another leg up.

Bitcoin (BTC) price is stabilizing above the key support at $93,500.

After breaking through the $95,200 resistance, BTC/USD reached a high of $95,488 and pulled back a bit.

Bitcoin (BTC) price is trading with bullish momentum as it continues to rise. After breaking through the $94,000 and $94,200 resistance levels, the next key resistance is at $95,250. This is closely followed by $95,500. If the bulls manage to clear the $95,500 zone, it could pave the way for another rally to the $96,250 resistance. A strong move above $95,500 might even push the price towards $97,500 and $98,800.

However, if Bitcoin (BTC) fails to break above the $95,500 resistance zone, there is a possibility of another downward correction. In the case of a downturn, the immediate support can be found near the $94,200 level, closely followed by the trend line. A deeper decline might bring the price towards the $93,500 support zone. If the bears manage to push below this level, the next crucial support lies at the $92,900 zone. Only a sustained decline below this level might open the door for a drop to the major support at $91,200 in the short term.

Technical Analysis Of Bitcoin

The Moving Average Convergence Divergence (MACD) indicator is now showing rising momentum in the bullish zone, which supports the prospect of further price gains.

The Relative Strength Index (RSI) for BTC/USD is currently above the 50 level, indicating that buyers have an edge.

Next Key Levels To Watch

Key support levels - $94,200, followed by $93,500.

Key resistance levels - $95,250 and $95,500.

Full Disclosure - At the time of writing, the author is bullish on BTC and holds no position.