Bitcoin Faces Major Resistance at $95,000 Mark
Bitcoin Faces Major Resistance at $95,000 Mark
Bitcoin has slowed its growth as sellers start to limit price appreciation near the $95,000 mark. Investors are now focusing their attention on this critical threshold.
Despite attempts to rebound, Bitcoin struggled to continue its recovery at the Tuesday opening on Wall Street, facing selling pressure at the $95,000 level.
Key Points:
- Bitcoin is encountering significant resistance as it approaches a major selling interest zone at $95,000.
- The price action of BTC is beginning to weaken compared to risk assets and precious metals.
- Support on weekly intervals remains intact, with $93,500 being a focal point for weekly closing.
After BTC/USD reached $94,800, its highest point since November 17, trading data from TradingView indicates a market momentum loss. Trader Skew noted the 'oscillating' price action, highlighting the presence of a 'passive seller' at $94,000 who continued to sell as the price rose.
Another commentator, Exitpump, pointed out a 'selling barrier' at $95,000 that could restrict Bitcoin's price increase. 'Today is the day when the price will either break through this barrier or get rejected,' he concluded.
Overall, financial markets remain volatile, with U.S. stocks rising and gold touching $4,491 per ounce, influenced by developments in Venezuela.
In conclusion, Bitcoin needs a weekly close above $93,500 to maintain a bullish medium-term trend, according to trader Rekt Capital's analysis.
