Bitcoin Eyes $95K Amid Renewed Bullish Momentum Bitcoin has initiated a fresh upward trend, pushing past the $92,000 mark and showcasing robust bullish indicators. However, the cryptocurrency faces a significant hurdle at the $95,000 resistance level, which could determine its short-term trajectory.
BTC's Ascent: Key Levels and Resistance
The Bitcoin price recently found strong support above the $91,200 zone, sparking a fresh increase that propelled it beyond $92,000 and $92,200 resistance levels. This upward momentum led to a new multi-week high of $94,783, with the price currently consolidating these gains. A crucial bullish trend line has formed on the hourly chart of the BTC/USD pair, providing key support at $92,650. For the bullish trend to continue, Bitcoin must maintain its position above the $92,500 threshold and the 100 hourly Simple Moving Average. If the bullish sentiment persists, Bitcoin could attempt a fresh surge, targeting the $94,200 and $94,500 resistance levels. The next major resistance looms at $95,000. A decisive close above this psychological barrier could open the doors for further gains, potentially pushing the price towards $95,800, $96,500, and even $97,000-$97,200 in the near term.
Potential Downside and Technical Outlook
Conversely, if Bitcoin struggles to overcome the $94,500 resistance zone, it could trigger a downside correction. Immediate support is identified near $93,200, with the first major support lying around $92,800, which aligns with the 50% Fib retracement level of the recent upward move from $90,805 to $94,783. Further losses below $92,500 could accelerate a decline towards the critical $91,200 support. The ultimate major support level sits at $90,000, and a breach below this point could see BTC's price descend sharply. From a technical indicator perspective, the Hourly MACD is currently losing pace within the bullish zone, while the Hourly Relative Strength Index (RSI) for BTC/USD remains comfortably above the 50 level, indicating a balanced but potentially weakening bullish momentum.
