Bitcoin Price Faces Potential Decline Following Rejection at $97,000

The Bitcoin price faced rejection after reaching $97,000 last week. Technical analyst Tony Severino noted that the LMACD indicator indicates a precarious position for Bitcoin.

Key Insights on Bitcoin Price Movement

Severino warns that if daily momentum turns bearish, it could hinder a weekly bullish crossover and lower the weekly LMACD below zero.
A downward trend is likely due to the dominance of the monthly LMACD signal.
Ali Martinez highlighted a potential decline if Bitcoin loses the $94,765 support level, forecasting a drop to $90,000 or $86,000.
Rekt Capital suggested that for Bitcoin to replicate last year's movement, it must reject from $99,000 and hold above $93,500 before aiming for new all-time highs.
Titan of Crypto pointed out that Bitcoin is at a key support zone around $95,423, with potential downtrend implications if this level is not reclaimed soon.

Currently, Bitcoin is trading at approximately $94,700, showing a decrease over the past 24 hours.

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