Bitcoin Breaks $96000 Resistance to Trigger New Rally

On January 10, the price of Bitcoin fluctuated between $91,200 and $95,800, with a 24-hour trading volume of $63,28 billion.

The elevated volumes seen at the peak indicate a distribution phase, while the subsequent stagnation hints at a weakening bullish trend. Short-term moving averages – the 10-day and 20-day exponential (EMA) and simple moving average (SMA) – are bearish, exerting downward pressure.

However, the 100-day and 200-day moving averages remain in line with the broader bullish sentiment, suggesting that Bitcoin's overall trajectory remains resilient.

The four-hour chart shows signs of a corrective rebound after the drop to $91,215. However, muted trading volumes during this recovery raise doubts about its sustainability. Resistance levels between $95,000 and $96,000 coincide with the lower highs formed after the retreat from $102,760, reflecting persistent bearish sentiment.

A decisive break above $96,000, supported by increased volume, could change the outlook, making $102,760 the next key target.

Momentum indicators such as the relative strength index (RSI) and stochastic oscillator remain neutral, while the moving average convergence divergence (MACD) points to bearish conditions. However, a modest surge in positive momentum on shorter time frames hints at potential buying opportunities.

Oscillators paint a mixed picture. Neutral signals dominate indicators such as RSI, stochastics, and the Commodity Channel Index (CCI), although momentum leans toward buying bias. The Awesome Oscillator remains balanced, reflecting market indecision. Traders should remain vigilant, waiting for volume confirmation before making their next move.

The interaction of these technical signals suggests a cautious approach as downside risks prevail unless Bitcoin will not return to the $95,000 to $96,000 range. Jerks in both directions can occur with sharp jumps in volume, either by moving Bitcoin to $102,000, or testing the critical support level at $91,000.