Bitcoin Price Faces Decline from $92,500 to Potential $82,000

Bitcoin's price has fallen below the $90,000 support, experiencing a downtrend as of mid-December. Analysts, like Lingrid, suggest further declines despite potential short-term bullish trends.

Key Points

Bitcoin faced resistance above $92,000, suggesting a bearish outlook.
Rejections between $92,500 and $93,500 imply lower highs, posing challenges to any recovery.
The price is in a tight compression, indicating potential for directional expansion rather than strength.
If Bitcoin reaches $92,500 but faces rejection, it could decline towards $82,000.
A breakout above $92,500 could invalidate the bearish scenario, shifting focus towards $100,000.

Bitcoin price

Despite this, with current prices below $90,000 and negative sentiment, chances of reversing the bearish trend remain low.