Bitcoin Price Stagnates Below $94,500 — Bears May Be Gearing Up

Bitcoin struggles to surpass $94,500, potentially correcting to $91,200. Currently holding above $92,800 while a bullish trend line supports at $93,100. Resistance is at $94,200 and $94,450. A downturn could lead to support near $92,750, with key indicators showing a mixed picture.

Bitcoin is once again hitting a snag, unable to break through the key $94,500 level. Currently, BTC is consolidating its recent gains, and analysts suggest it might test the $91,200 support zone in the near future. Starting from a decent upward move, Bitcoin has recently been trading above $92,000 and its 100-hourly Simple Moving Average (SMA). Notably, bullish trend lines have formed, indicating support at around $93,100 on the hourly BTC/USD chart, sourced from Kraken data.

The price initially demonstrated stability, remaining above $88,800 and then embarking on a fresh uptick. It successfully broke the resistance barriers at $90,500 and $92,000, pushing beyond the $93,500 mark. The bulls even managed to push Bitcoin to a recent peak of $94,450. Following this spike, a phase of consolidation ensued, where the price dropped slightly, falling beneath the 23.6% Fibonacci retracement level of its recent upward trajectory from $91,711 to $94,450.

Presently, Bitcoin is holding above the $92,800 mark and the 100-hourly SMA. Immediate resistance is pegged close to the $94,200 mark, with the next significant resistance looming at $94,500, followed potentially by $94,650. If Bitcoin manages to close above $94,650, it could gear up for further rises towards the $95,500 level, with additional gains possibly pushing it to $96,200.

However, should Bitcoin struggle to surpass the $94,200 resistance, a potential downturn looms. Immediate downside support rests at the $93,100 level, along with the trend line. Further down, crucial support is located near $92,750, coinciding with the 61.8% Fibonacci retracement of its last upward move. Should losses continue, the price could descend towards $91,700, with a more significant support level seen at $90,500. Ultimately, the main support threshold lies around the $90,000 mark.

On the technical side, indicators show that the hourly MACD is losing momentum in the bullish territory, while the RSI remains above the 50 level. Key support levels stand at $93,100 and $92,750, whereas significant resistance is observed at $94,450 and $94,650.