Bitcoin's Volatile Dance: Struggles to Break $100K, Consolidates Near $96K

Bitcoin's recent price movements have left investors and traders alike wondering what's next for the world's most popular cryptocurrency. After failing to break above the $100,000 mark, Bitcoin (BTC) has once again retreated, currently consolidating near the $96,000 level.

Bitcoin's decline began from the $99,500 zone, with the price falling below $97,500 and the 100-hour Simple Moving Average. A bearish trendline has formed on the hourly chart of the BTC/USD pair, with resistance at $96,400. However, if Bitcoin stays above the $95,000 zone, it could potentially start another increase.

Bitcoin's price briefly recovered, forming a base above the $95,500 level and climbing above the $97,000 and $98,500 resistance levels. It even surpassed the $99,000 resistance, but bears remained active below the $100,000 level. A high was reached at $99,481, followed by a fresh decline that saw the price drop below the $98,000 and $96,000 levels. The price eventually found support at $94,888 and is now recovering.

As of now, Bitcoin is trading below $97,200 and the 100-hour Simple Moving Average. Immediate resistance is near the $96,500 level, with a bearish trendline forming on the hourly chart of the BTC/USD pair. If Bitcoin can break above the $97,200 level or the 50% Fib retracement level of the downward move, it could potentially rise further and test the $98,800 resistance level. A close above $97,750 might send the price toward the $99,500 level or even $100,000.

However, if Bitcoin fails to rise above the $97,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $95,500 level, with the first major support at $95,000. The next support