Bitcoin fell from Friday’s high above $97,000 to below $95,000 on Monday
The decline followed a strong U.S. jobs report that pushed Treasury yields higher
Oil prices dropped after OPEC+ announced production increases
Key support zone remains at $93,500
Bitcoin is trading below $96,000 and the 100-hour Simple Moving Average
Bitcoin has experienced a notable pullback over the weekend, retreating from multi-month highs as various macro factors weighed on risk assets. The cryptocurrency, which had been testing the $98,000 level late Friday, has since fallen below the $95,000 mark as markets reassess the likelihood of Federal Reserve interest rate cuts.
The decline came after Friday’s U.S. jobs report showed non-farm payrolls grew by 177,000 in April, slightly above expectations. While markets initially responded positively, sentiment quickly shifted as bond yields climbed back above 4.3%, suggesting that borrowing costs might remain elevated for longer.
By Monday morning, Bitcoin was trading under $95,000, representing a roughly 3% drop from Friday’s peak. The cryptocurrency found temporary support around the $93,570 level before attempting a modest recovery.
Trading data shows Bitcoin has established a resistance level near $95,250, with a bearish trend line forming on hourly charts. The cryptocurrency is now trading below both the $96,000 level and the 100-hour Simple Moving Average, technical indicators that traders watch closely.
Market Correlations Strengthen
Bitcoin’s movement has increasingly aligned with traditional financial markets, responding to the same macro factors that affect stocks and commodities. This correlation has become more pronounced as institutional investors have entered the cryptocurrency space, bringing with them traditional market dynamics.
The weekend sell-off in Bitcoin mirrored broader declines across risk assets. Oil prices fell sharply after OPEC+ surprised markets by announcing accelerated production increases, adding 411,000 barrels per day to global supply in June.
While most commodities declined, gold bucked the trend. Spot prices climbed above $3,250 per ounce early Monday as traders sought safe havens amid renewed uncertainty.
Geopolitical tensions also played a role in dampening market sentiment. President Donald Trump’s weekend comments about wanting “a fair deal” with China introduced additional caution to markets sensitive to global trade relations.
U.S. equity futures, including S&P 500 E-mini contracts, pointed lower Monday morning, reflecting the defensive shift across markets that also affected Bitcoin’s price action.
Technical Outlook
From a technical perspective, Bitcoin faces immediate resistance near $94,500, with a more substantial barrier at the $95,250 level. Should the price break above $95,750, it could potentially test the $96,800 resistance before potentially challenging the $98,000 mark again.
On the downside, Bitcoin has established support near $94,000, with major support at $93,500. If these levels fail to hold, further declines could take the price toward $92,500, with the main support sitting at $91,200.
Technical indicators show the hourly MACD losing momentum in the bearish zone, while the Relative Strength Index (RSI) has fallen below the 50 level, suggesting moderately bearish short-term sentiment.
The cryptocurrency’s next major price catalyst will likely be the Federal Reserve’s policy decision on Wednesday. Traders are closely watching whether Chair Jerome Powell will resist calls for rate cuts or adopt a more balanced approach given mixed signals from inflation and employment data.
For now, Bitcoin remains in a consolidation phase, having retraced from its recent attempt to break the $98,000 level. The short-term direction will depend on whether bulls can regain control above the $95,250 resistance or if bears push the price below the current support zone at $93,500.
The most recent price data shows Bitcoin attempting to recover from the $93,570 low, with buyers showing interest near this support level.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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$95K looks like a good level of support on the lower timeframes
Losing that level could see a drop to the range lows at $92 – $93K pic.twitter.com/sUeUIx2Dcp