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10 hour ago
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Bitcoin Price Dips Below $92K Amid Bearish Pressure

Bitcoin is currently experiencing fluctuations around the $90,000 mark. After attempting to surpass $92,500, BTC encountered resistance and began a correction phase.

  • Bitcoin's price is below $91,000 and the 100-hourly Simple Moving Average (SMA).
  • A contracting triangle with support at $90,000 is forming in the BTC/USD hourly chart.
  • The next upward movement might occur if BTC settles above $92,500.

Current Market Dynamics:

  • Resistance was met at $92,500, leading to a decline below the 50% Fibonacci retracement level from the recent high of $92,269.
  • Bulls are active near the $90,000 support zone.
  • Immediate resistance levels are at $90,800 and $91,200, with further resistance at $92,000 and $92,500.
  • If BTC breaches $92,000, potential targets include $93,500 and $94,500.

Potential Downside:

  • If Bitcoin fails to move past $92,000, it may decline towards key supports at $89,500 and $88,800.
  • Main support lies at $86,500, below which further declines could accelerate.

Technical Indicators:

  • Hourly MACD: Trending in the bearish zone.
  • Hourly RSI: Below the 50 level, indicating potential weakness.

Bitcoin Price