Bitcoin Hovers Below $95,643 Resistance Amid Mixed Market Sentiment

Bitcoin is currently experiencing a period of indecision, hovering just below a critical resistance level of $95,643. This price point has formed what appears to be a triple top on the chart, indicating a potential struggle for the cryptocurrency to break through this barrier. The broader market sentiment is divided, with bullish momentum stemming from India's significant investment in the crypto sector, while delays in ETF approvals in the U.S. are acting as a drag on the market.

The $95.6K level is now a focal point, and a decisive move above or below this price could set the stage for the next significant price movement. India's push into the Web3 space, with investments from Bitget and Avalanche totaling $10 million, is expected to boost the adoption of major cryptocurrencies like Bitcoin. This investment is aimed at fostering the growth of India's crypto talent pool, particularly in regions like Delhi and Bangalore, and could lead to increased regulatory clarity, further driving the adoption of Bitcoin and Ethereum.

In contrast, the U.S. market is facing uncertainty due to delays in ETF approvals. The SEC has postponed decisions on Dogecoin and XRP ETFs proposed by Bitwise and Franklin Templeton, pushing them to June. This delay, along with over 70 pending crypto ETF proposals submitted in 2025, is contributing to a sense of uncertainty in the market. However, these delays also reinforce Bitcoin's position as the safest bet for institutional investors, given the regulatory uncertainty surrounding altcoins.

Technically, Bitcoin is showing signs of exhaustion just below the $95,643 resistance zone. The price action has repeatedly tested this level but has failed to break through, forming a potential double-top pattern. The 50 EMA ($94,698) is acting as near-term resistance, while the ascending trendline from April 24 continues to offer support. The MACD momentum is flattening, signaling indecision in the market. For traders, this presents a classic range-trading scenario. If Bitcoin fails to reclaim $95,643 and dips toward $93,760, traders could look to buy near the trendline with a stop below $93,000. Alternatively, a clean breakout above $95,643 on strong volume could open the door to $96,850. Until then, expect choppy sideways action.

Despite the current uncertainty, Bitcoin remains a dominant force in the crypto market. The ongoing developments in India and the rising mainstream interest in blockchain solutions, as evidenced by Trump's Truth Social exploring its own crypto token, provide a longer-term bullish backdrop. However, the next significant move for Bitcoin will likely be determined by its ability to break through the $95,643 resistance level. If it can do so, it could set the stage for a new leg up in the market. If not, a breakdown below this level could lead to further consolidation or even a correction.