BTC Technical Analysis: Consolidation Phase Following Major Resistance Rejection
Bitcoin ($BTC) is currently in a consolidation phase on the 4-hour timeframe after facing rejection near the $98,000 level. Price action is currently stabilizing above the $95,000 psychological mark as the market builds momentum for its next directional move.
Technical Breakdown:
RSI (6): Currently at 53.9. This neutral reading indicates that the earlier overbought conditions have successfully reset, providing a healthy foundation for potential further upside.
Support & Resistance: Immediate support is holding at $94,819.5 (24-hour low). Major resistance is established at the recent peak of $97,932.1, with an intermediate resistance level noted at $96,594.
Trading Targets:
Entry Range: $94,900 – $95,350
TP 1: $96,600
TP 2: $97,900
SL: Below $93,800
Market Outlook:
Consolidation/Bullish Bias. Despite the recent pullback from the highs, the overall market structure remains bullish. With over $4.07B in 24h USDT volume, liquidity remains strong. A sustained breakout above the $95,500 level on high volume would likely trigger a retest of the $98k resistance zone.