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05/05/25
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Bitcoin Faces Downward Pressure: Key Support and Resistance Levels Explored
Bitcoin’s recent price trajectory indicates a downward correction following a struggle to breach the $98,000 level. Currently, Bitcoin is trading below $95,000, actively testing the $93,500 support zone. Despite this dip, there is some resilience seen, with Bitcoin still managing to hold above the $94,500 level.
At present, Bitcoin is below the $96,000 level and has crossed under the 100 hourly Simple Moving Average. A bearish trend line is forming, presenting resistance at approximately $95,250 on the hourly BTC/USD chart. Future price movements could signal a potential upward trend if Bitcoin manages to surpass the $95,750 resistance level.
The downturn began after the price fell below critical support levels of $96,500 and $95,500. A significant low was recorded at $93,570, from which Bitcoin is currently attempting to recover. This recovery includes a movement above the $94,000 level and into the 23.6% Fibonacci retracement of the recent decline. Resistance remains a challenge, particularly around the $95,250 area, with the next significant resistance identified at $95,750, which aligns with the 50% Fibonacci retracement of the recent price drop.
Should Bitcoin fail to breach the resistance at $95,250, it may initiate another corrective phase. The immediate support level lies around $94,000, followed by stronger support at $93,500. A further breakdown could lead the price towards the $93,200 zone and potentially down to $92,500. The primary support level sits at $91,200.
Technical indicators reflect a cautious outlook; the hourly MACD is losing momentum within the bearish zone, while the RSI indicates a position below the neutral 50 level, suggesting potential weakness ahead. Major support levels to monitor include $94,000 and $93,500, while resistance levels stand at $95,250 and $95,750.
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