Bitcoin Drops 1.4% From $95,348 High, Tests $91,200 Support

Bitcoin's price has experienced a short-term correction, retreating from the $95,000 zone. The cryptocurrency is now trading below $94,000 and may test the $91,200 support zone in the near term. This downside correction follows a period of stability above the $90,000 level, during which Bitcoin managed to climb above the $91,500 and $94,000 resistance levels. The bulls pushed the price above $94,500, reaching a recent high of $95,348 before the correction began.

The price dropped below the $94,500 and $94,000 levels, forming a low at $92,900. Currently, Bitcoin is consolidating losses below the 23.6% Fib retracement level of the downward move from the $95,348 swing high to the $92,900 low. The cryptocurrency is now trading below the 100 hourly Simple moving average, with a connecting bearish trend line forming resistance at $94,000 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $93,650 level, with the first key resistance at $94,000. The next key resistance could be $94,150 and the 50% Fib retracement level of the downward move from the $95,348 swing high to the $92,900 low. A close above the $94,150 resistance might send the price further higher, potentially testing the $94,500 resistance level and even rising toward the $95,500 level.

However, if Bitcoin fails to rise above the $94,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $92,800 level, with the first major support at $92,000. The next support is near the $91,500 zone, and any further losses might send the price toward the $90,500 support in the near term. The main support sits at $90,000.

Technical indicators suggest that the Hourly MACD is now gaining pace in the bearish zone, while the Hourly RSI (Relative Strength Index) for BTC/USD is now below the 50 level. Major support levels are at $92,800 and $92,000, while major resistance levels are at $94,000 and $94,150. Bulls are plotting their next move, awaiting a potential breakout above the resistance levels to resume the upward trend.