Bitcoin is trading at $95,700 with an overall market capitalization of $1.89 trillion, a 24-hour trading volume of $13.51 billion, and an intraday price range between $94,805 and $96,684, reflecting a consolidation phase amid mixed technical signals.
Bitcoin
Bitcoin’s daily chart shows BTC previously peaked near $109,356 before experiencing a pullback to approximately $89,164, followed by consolidation around the $96,000 level. The $89,000 to $91,000 range serves as a key support zone, while resistance remains strong near $109,000. A declining volume trend on the pullback indicates potential exhaustion of selling pressure. If bitcoin reclaims $98,500 with strong volume, an upside move toward the $104,000 to $109,000 range is possible. However, failure to hold above current levels could push prices lower toward the $89,000 region.
On the BTC/USD four-hour chart via Bitstamp, bitcoin attempted a recovery after a drop to $93,340, rallying to $99,508 before failing to sustain momentum and retreating toward $96,000. Resistance remains firm at $98,000 and $99,500, while support is seen near $93,000 and $94,000. A retest of the $94,000 to $95,000 zone may provide a long opportunity targeting $98,000. Conversely, a price breakdown below $93,000 per BTC could open the door for further downside toward $90,000 to $91,000.
The one-hour chart highlights short-term weakness as bitcoin fell sharply from $99,508 to $94,805 before stabilizing. Resistance is quite evident at $96,500 and $98,000, while immediate support lies between $94,000 and $95,000. Traders may look for dip-buying opportunities around $94,500 to $95,000 with tight stop-loss levels. A failure to reclaim $96,500 could lead to renewed selling pressure, targeting the $94,500 region.
The daily chart’s oscillators provide neutral to mixed signals, with the relative strength index (RSI) at 44, Stochastic at 45, and the commodity channel index (CCI) at -100, all in the neutral territory. The momentum indicator at -932 and the moving average convergence divergence (MACD) level at -848 both signal upbeat conditions.
Moving averages (MAs) indicate a bearish trend on lower timeframes, with the 10-period exponential moving average (EMA) at $96,599 and the simple moving average (SMA) at $96,601 both signaling gloomy conditions. The 20-period and 30-period moving averages also remain in depressed territory, while the 100-period and 200-period MAs suggest longer-term bullish potential.
Bitcoin’s immediate price trajectory depends on whether it can reclaim resistance levels or if selling pressure resumes. A decisive break above $98,500 could pave the way for a move toward $100,000 to $104,000, while a drop below $94,000 may increase downside risks toward $89,000. Traders should watch volume levels closely to confirm the next significant move.
Bull Verdict:
Despite short-term resistance, bitcoin’s ability to hold above key support levels, combined with buy signals from the moving average convergence divergence (MACD) and momentum indicators, suggests a potential breakout. If bitcoin reclaims $98,500 with strong volume, it could trigger a rally toward $104,000 to $109,000, reinforcing a bullish outlook.
Bear Verdict:
The dominance of sell signals across multiple moving averages, coupled with bitcoin’s failure to sustain higher levels, points to continued downside pressure. If bitcoin drops below $94,000 and breaks key support at $93,000, it could accelerate losses toward $89,000, confirming a bearish continuation.
