Bitcoin price is currently consolidating above the $95,500 support zone, showing signs of a possible recovery if it breaks past $100,000. Following a decline below $100,000, BTC now trades below $99,000 and the 100 hourly SMA, with a bearish trend line at $98,000.
During consolidation, a minor increase took the price above $97,000, surpassing the 23.6% Fib retracement level from the $102,500 high to $95,700 low. Resistance lies at $98,000, moving up to $99,100 and $100,000, potentially leading to a testing of $101,200 and $102,500.
If unable to clear $98,000 resistance, BTC might see fresh decline, eyeing support levels at $96,200 and $93,200.