The buy monerocryptocurrency market witnessed Bitcoin's latest attempt to breach the $94,500 resistance level meet with selling pressure. After establishing a solid base above $88,800, BTC demonstrated strength by conquering multiple resistance zones between $90,500 and $93,500.
BTC established higher lows above $92,000 while maintaining position above the 100-hour moving average
A developing bullish trendline offers dynamic support near $93,100 on hourly charts
Market participants await decisive breakout above $94,650 for continuation pattern confirmation
Fibonacci retracement levels suggest potential pullback zones if downward momentum accelerates
Technical Landscape Shows Mixed Signals
Following its rejection at $94,450, Bitcoin entered a consolidation phase that has traders closely monitoring key technical formations. The digital asset currently maintains its position above crucial psychological levels, with the $92,750-$93,100 range emerging as immediate support territory.
Market technicians note the importance of the 61.8% Fibonacci retracement level ($92,750) drawn from the recent swing low of $91,711 to the local top at $94,450. This zone coincides with the ascending trendline support, creating a confluence that could determine near-term price direction.
Potential Scenarios for Bitcoin's Next Move
Should buying pressure return, BTC must first reclaim $94,200 before challenging the $94,500-$94,650 supply zone. Successful conversion of this resistance into support could open the path toward testing the $95,500 and $96,200 psychological barriers.
Conversely, failure to hold above the trendline support at $93,100 might trigger profit-taking toward the $92,750 level. Below this, the $91,700 support cluster comes into focus, with the $90,500 and $90,000 zones representing stronger demand areas that previously halted declines.
Technical indicators currently show:
MACD histogram flattening in positive territory, suggesting weakening bullish momentum
RSI maintaining neutral positioning above 50, neither overbought nor oversold
Volume profile showing balanced participation between buyers and sellers
Traders should monitor these technical developments closely, as Bitcoin's next decisive move could establish directional bias for the broader cryptocurrency market in coming sessions.