Bitcoin Eyes $96K Daily Close for Bullish Momentum, Analysts Warn of $89K Retest

• Bitcoin struggles below $96K resistance; a daily close above could signal short-term bullish momentum.
• BTC support at $89K holds firm; traders maintain long positions while monitoring key resistance zones at $94.5K and $96K.
• Mixed market sentiment and bearish moving average suggest continued consolidation unless BTC breaks above $96K resistance.

Bitcoin (BTC) remains at a critical juncture as it attempts to regain bullish momentum after a recent sell-off. The current price of BTC stands at 93,687.39 USDT, reflecting a bounce from its lower support zone. However, traders are closely monitoring resistance levels at 94,500 USDT and 96,000 USDT for signs of recovery. Market analyst Doctor Profit emphasized the importance of a daily close above 96,000 USDT to confirm short-term bullish sentiment.

Market Movement and Key Levels

The price decline is evidenced by large red candlesticks signaling intense selling pressure. Despite this, the price rebounded from a support zone near 89,000 USDT, demonstrating buyer activity. The purple zone at the chart’s base highlights this support region.

Additionally, the longer-term moving average serves as a dynamic resistance point. BTC is currently consolidating below this level, creating potential for sideways movement. Traders observe two key resistance zones—94,500 USDT and 96,000 USDT. Failure to reclaim these zones may result in another decline toward the 89,000 USDT level or possibly lower wicks.

Traders’ Approach and Sentiment

Doctor Profit recommends traders keep long orders open between 87,000 USDT and 89,000 USDT, as these levels have seen accumulation. The long position from 89,000 USDT is already profitable, showcasing the importance of strategic risk management.

Moreover, the candlestick patterns reflect mixed market sentiment, with alternating green and red candles indicating indecision. Upward wicks suggest price rejections at resistance levels, while downward wicks highlight support defense. Significantly, the downward slope of the moving average indicates a prevailing bearish trend.

Bitcoin’s price remains within a defined range, with resistance at 96,000 USDT and support near 89,000 USDT. A daily close above 96,000 USDT could shift momentum in favor of buyers. Conversely, failure to breach this level may result in continued consolidation or further downside.