Kraken Observes Bitcoin’s Pivotal Support Test Amidst Pullback from Resistance
Bitcoin’s price recently retreated from its near-$97,800 resistance level, settling below $95,000 and now testing a crucial support zone around $93,500. market participants are closely monitoring whether this level holds or if further downside ensues. A bearish trend line on hourly charts is currently suppressing rebounds near $95,250, while a breakout above $95,750 could reignite bullish momentum. The trading volume data from Kraken and other exchanges will be pivotal in determining the next major move for BTC/USD.
Bitcoin Price Eases From Highs — Support Zone Still Intact
Bitcoin’s rally stalled NEAR the $97,800 resistance level, triggering a pullback below $95,000. The cryptocurrency now tests critical support at $93,500, with market participants watching for either a breakdown or renewed upward momentum.
A bearish trend line has emerged on hourly charts, capping rebounds near $95,250. The BTC/USD pair’s ability to reclaim $95,750 could signal resumption of the uptrend. Trading volume data from Kraken shows concentrated activity around these key technical levels.
The correction follows Bitcoin’s failure to breach the psychological $98,000 barrier. Sellers gained control after the drop below $96,500, though the $94,500 zone continues to provide underlying support. The 23.6% Fibonacci retracement level now serves as immediate resistance.
Ethereum Price Sees Healthy Pullback — Uptrend Still Safe
Ethereum’s price action shows resilience after a brief correction, holding key support levels despite short-term bearish pressure. The ETH/USD pair dipped below $1,820 following a rally to $1,873, with technical analysis revealing a descending trendline resistance at $1,835 on hourly charts.
Market structure remains bullish as Ethereum maintains its footing above $1,750. A decisive break above $1,840 could signal renewed upward momentum, mirroring Bitcoin’s recent strength. Kraken’s order book data indicates concentrated liquidity near these critical technical levels.
