Bitcoin‘s latest attempt to rise above $96,500 got shot down faster than your hopes of retiring early. BTC is now stuck below $95,000, and let’s just say it’s not exactly starting a victory lap.
- Bitcoin started its slow, painful decline below the $95,500 zone. It’s like watching a slow-motion car crash.
- It’s below the 100-hourly Simple Moving Average now, like it’s trying to be ‘anti-popular.’
- A bearish trend line is plotting its resistance at $94,750, and it’s got that vibe like it really doesn’t want you to succeed.
- If Bitcoin somehow breaks through $95,750, we might see it trying to climb again. But no promises.
Bitcoin Faces Resistance, Like Your Grandma at Thanksgiving
Bitcoin started its downward spiral below the $97,200 support zone. It then slid below $96,200 and $95,500. It’s like a snowball effect of disappointment.
The bears didn’t stop there. They pushed it all the way down to $94,500, then the price just… flatlined at $93,570. It’s now attempting a small recovery, kind of like trying to catch your breath after a sprint to nowhere.
Bitcoin cleared a 23.6% Fib retracement level (yay?) of the recent decline, but the bears are still lurking near $95,000 like that one friend who doesn’t know when to leave. Bitcoin is now below $95,000 and the 100-hourly Simple Moving Average. Immediate resistance is hanging out at $94,750. Also, there’s a bearish trend line showing up at $94,750, like an old acquaintance you can’t avoid.
The first resistance? It’s chilling at $95,300. After that, we’re looking at $95,750, which could be the 50% Fib retracement level. If Bitcoin somehow breaks above this, it could maybe—just maybe—see some sunshine at $96,800, then climb toward $98,000. But again, no one’s holding their breath.
Is More BTC Pain Coming? Possibly. 😢
If Bitcoin can’t muster the strength to break above $94,750, another downward plunge is highly likely. Immediate support? It’s lounging around the $93,750 level, just waiting to be tested.
If things get even worse, support is hanging out around $93,500. Then, things get really messy at $93,200, and further losses might send it toward $92,500. But the main support? It’s sitting back at $91,200 like the last remaining piece of pizza at a party.
Technical Indicators:
Hourly MACD – It’s gaining momentum in the bearish zone. Not looking good, folks.
Hourly RSI (Relative Strength Index) – It’s below 50. Basically, it’s like that feeling when you realize you’ve gone too far down the rabbit hole of online shopping.
Major Support Levels – $93,750, followed by $93,500.
Major Resistance Levels – $94,750 and $95,750.
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2025-05-06 05:48