The is xrp ripple a good investment todaycryptocurrency market witnessed another failed breakout attempt as Bitcoin struggled to maintain momentum above key resistance levels. After briefly testing the $99,500 zone, BTC has retreated to consolidate near $96,000, leaving traders questioning the next potential move.
Bitcoin's rally lost steam near the $99,500 resistance level
Current trading activity remains below both $97,500 and the 100-hour moving average
A developing bearish trend line shows resistance forming around $96,400 on hourly charts
Critical support holds at $95,000, which could determine the next directional move
Bitcoin's Rollercoaster Ride Continues
After establishing support above $95,500, Bitcoin demonstrated renewed strength by pushing through multiple resistance levels between $97,000 and $99,000. The digital asset even managed to briefly surpass $99,000 before encountering significant selling pressure below the psychologically important $100,000 mark.
The subsequent pullback saw BTC lose ground rapidly, dropping below both $98,000 and $96,000 support levels. The price action formed a local bottom at $94,888 before initiating a modest recovery that has currently lifted prices back above $95,500. This rebound has allowed Bitcoin to reclaim the 23.6% Fibonacci retracement level from the recent swing high to low.
Current market conditions show Bitcoin trading beneath both the $97,200 level and the 100-hour simple moving average. Immediate overhead resistance appears near $96,500, coinciding with the developing bearish trend line visible on hourly charts. Market participants are closely watching this confluence zone for potential breakout or rejection signals.
Potential Scenarios for Bitcoin's Next Move
The $97,200 level represents a critical inflection point, marking the 50% Fibonacci retracement of the recent downward move. A decisive break above this resistance could open the door for a test of $97,750, with further upside potential toward $98,800 if bullish momentum continues. The ultimate target for bulls remains the $99,500-$100,000 resistance cluster that has repeatedly capped advances.
Conversely, failure to overcome the $97,200 barrier might trigger another wave of selling pressure. Initial downside support appears at $95,500, followed by more substantial buying interest near $95,000. A breach below this level could accelerate declines toward $94,200, with $93,500 and ultimately $92,400 representing subsequent support zones.
Technical indicators present a mixed picture:
Hourly MACD shows building bullish momentum in positive territory
The RSI indicator has climbed back above the neutral 50 level
Key support levels: $95,500 followed by $95,000
Major resistance levels: $96,500 and $97,200