Bitcoin Consolidates Above $94,000, Aims for $95,500 Resistance

Bitcoin's price has been consolidating gains above the $94,000 zone, showing positive signs and aiming for a move above the $95,500 resistance zone. The cryptocurrency has remained supported above the $93,500 zone and is currently trading above $94,000 and the 100 hourly Simple moving average. A connecting bullish trend line is forming with support at $94,200 on the hourly chart of the BTC/USD pair, indicating a potential for another increase if it clears the $95,500 zone.

Bitcoin's price has remained stable above the $93,500 level and started a fresh increase, climbing above the $94,000 and $94,200 resistance levels. The bulls were able to pump the price above the $95,200 resistance, with the recent high formed at $95,488. However, the price started a downside correction, dropping 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. Nevertheless, 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's price is now trading above $94,200 and the 100 hourly Simple moving average. 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, potentially rising and testing the $97,500 resistance level. Any more gains might send the price toward the $98,800 level.

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 show that the MACD is now gaining pace in the bullish zone, and the RSI for BTC/USD is now above the 50 level. Major support levels are at $94,200, followed by $93,500. Major resistance levels are at $95,250 and $95,500.