The post Bulls Defend $94,000 Support Level Amid Consolidation appeared on BitcoinEthereumNews.com.

TLDR Bitcoin currently trading around $95,700 with a market cap of $1.89 trillion, showing consolidation after recent attempts to breach $100,000 Key resistance levels established at $96,500, $97,200, and $98,000, with critical support at $94,000-$95,000 range Recent price action saw BTC peak at $109,356 before pulling back to $89,164, now stabilizing around $96,000 Technical indicators showing mixed signals, with RSI at 44 and neutral momentum indicators suggesting potential for movement in either direction Trading volume has been declining during the recent pullback, potentially indicating seller exhaustion Bitcoin’s price action has entered a consolidation phase near the $96,000 level, as the leading cryptocurrency continues to face resistance below the psychological $100,000 mark. Recent market data shows Bitcoin trading at $95,700, with an overall market capitalization of $1.89 trillion and a 24-hour trading volume of $13.51 billion. The cryptocurrency recently attempted to breach the $100,000 level but faced strong selling pressure, leading to a rejection near $99,481. This rejection triggered a fresh decline, pushing prices below several key support levels including $98,000 and $96,000, before finding temporary support around $94,888. Technical analysis of the daily chart reveals that Bitcoin previously reached a local peak near $109,356 before experiencing a substantial pullback to approximately $89,164. The market has since stabilized around the $96,000 level, with the $89,000 to $91,000 range establishing itself as a crucial support zone. The four-hour chart demonstrates Bitcoin’s recent attempt at recovery following a drop to $93,340. The cryptocurrency managed to rally to $99,508 but failed to maintain momentum, subsequently retreating toward the $96,000 level. Current resistance levels are firmly established at $98,000 and $99,500. Short-term price action on the hourly chart indicates immediate resistance near the $96,500 level. A connecting bearish trend line has formed with resistance at $96,400, suggesting continued selling pressure at these levels. The first…

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Filed under: News - @ February 24, 2025 4:27 pm