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Following a period of notable gains where Bitcoin managed to surge past the $95,000 zone, we observe a minor pullback as the cryptocurrency dips below the $94,000 mark, showing signs of a short-term correction. This trend reversal has seen Bitcoin’s price trading below the critical $94,000 threshold and the 100 hourly simple moving average, indicating potential bearish momentum in the near term. The establishment of a connecting bearish trend line on the hourly chart positions $94,000 as a significant resistance level for Bitcoin against the US dollar. Traders and analysts are closely monitoring these developments, as a breach above the $94,200 area might signal the onset of another upward trajectory.
This correction follows a bullish rally where Bitcoin demonstrated resilience, maintaining a stable position above $90,000 before initiating an ascend. The cryptocurrency was successful in overcoming resistance levels at $91,500 and $94,000, briefly surpassing the $94,500 mark thanks to bullish activities. The peak of this rally was marked at $95,348; however, a subsequent downward adjustment ensued, leading to a retracement below both the $94,500 and $94,000 levels. Currently, Bitcoin is consolidating its losses, trading within a challenging territory beneath the 23.6% Fibonacci retracement level of the recent descent from the $95,348 peak to a low of $92,900.
Analyzing the technical aspects further, immediate resistance lies near $93,650, followed by more critical levels at $94,000 and $94,150—the latter coinciding with the 50% Fibonacci retracement of the pullback. Surmounting the $94,150 resistance could propel the price towards the $94,500 mark, potentially opening doors to test the $95,500 level if upward momentum persists. Such movements are pivotal for Bitcoin’s short-term trajectory, offering insights into possible recoveries or further corrections.
Conversely, should Bitcoin fail to puncture the $94,000 resistance, we may see an extension of its downward movement. Immediate support is observed near $92,800, with significant cushions at $92,000 and thereafter, $91,500. Breaches below these points might exacerbate losses, directing Bitcoin towards the $90,500 support in the immediate term, with $90,000 serving as a critical bastion for bulls. Technical indicators, including the hourly MACD and RSI, underscore the growing bearish momentum, making these support and resistance levels crucial for future price actions. Investors and traders alike remain vigilant, anticipating Bitcoin’s next move amidst these cyclical adjustments.
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