Bitcoin's recent bullish momentum has encountered a significant obstacle, with a major sell wall forming around the $95,000 price level. After starting a fresh increase above $92,500 and briefly spiking past $94,000, BTC is now showing early signs of a pullback, trading just above $92,000. The cryptocurrency is struggling to maintain its rally as sellers have placed substantial orders at the $95,000 mark, suppressing upward movement and creating a critical resistance zone.
Technical analysis reveals a bearish trend line forming with resistance at $93,750 on the hourly BTC/USD chart. Immediate resistance is seen near $93,200, with the first key hurdle at $93,500. A close above the $94,000 resistance could pave the way for a test of $95,000, $95,800, and potentially $96,200-$96,500. However, failure to break above the $93,500 resistance zone could trigger another decline.
On the support side, immediate levels are at $92,000 and $91,800, with the first major support zone near $90,500. The main support sits at $90,000, below which Bitcoin could accelerate lower. Technical indicators show the hourly MACD is losing pace in the bullish zone, and the RSI has dipped below the 50 level, signaling weakening momentum.
Adding to the pressure, Bitcoin is facing competition from traditional assets, particularly gold, which has rallied to $4,491 per ounce. This strong performance from the precious metal has challenged Bitcoin's momentum as both assets vie for investor attention as stores of value.
Market focus has now shifted to the $93,500 level for the weekly close. Analysts like Rekt Capital emphasize that this price point—representing Bitcoin's yearly open for 2025—is crucial for determining the near-term trend. A weekly close above $93,500 would signal a potential breakout from the current range and a shift toward a more bullish outlook, while failure to hold this support could lead to further downward pressure.
