Bitcoin Price Dip: Support Zone Steadfast

Bitcoin Price Loses Steam, But Support Zone Remains Intact

5 May 2025 at 05: 22

Reading time: 2 minutes

Bitcoin price is on a downward trend, with a drop below $95,000 and a key support at $93,500 in sight. Researchers point to a potential rebound, but also the possibility of further losses if key resistances are not broken.

Bitcoin in a downtrend: support and resistance under the microscope

The Bitcoin market is currently in a corrective phase, with the price heading for a decline from the high of $97,800. The cryptocurrency is now dropping below $95,000 and is poised to test the support of $93,500.

However, Bitcoin still seems to be holding above $94,500. The price is hovering just below $96,000 and below the 100-hour simple moving average. On the hourly price chart of the BTC/USD pair – that is data from Kraken used – a bearish trend line is forming with resistance around $95,250.

However, the pair could start a fresh upward move if it manages to break the $95,750 zone.

Support under pressure

The decline started when the price struggled to break the $98,000 resistance. After dropping below the $96,500 and $95,500 supports, a wave of sellers managed to push the value even below $95,000, reaching a low of $93,570. Bitcoin is now trying to recover its losses and briefly surged above $94,000, near the 23,6% Fibonacci retracement of the recent decline.

The price is now trading below $96,000, with immediate resistance at $94,500. A key barrier is around $95,250, where the bearish trendline is located. Should the buyers manage to break the $95,750 level, the price could rise further and reach the $96,800 level and possibly even $98,000.

What if the decline continues?

If Bitcoin fails to break the resistance around $95,250, a fresh decline could be initiated. The next support lies near $94,000, with the important support zone at $93,500. Should it fall below $93,200, further losses are looming towards $92,500, with the ultimate support at the strong $91,200 level.

Also notable are the technical indicators: the hourly MACD is losing speed in the bearish zone, while the RSI for BTC/USD remains stuck below 50.

Support and resistance levels:

Key support levels: $94,000 and $93,500
Key resistance levels: $95,250 and $95,750

Frequently Asked Questions

What is the current price movement of Bitcoin?
Bitcoin is currently declining below $95,000 and testing the key support at $93,500.
What are the key resistance levels for Bitcoin?
The main resistances are $95,250 and $95,750.
What Happens If Bitcoin Breaks Support Below $93,500?
A break below $93,500 could see the price move further down to $92,500, with the strongest support at $91,200.

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