Bitcoin Price Declines Below $92,000 Amid Bearish Trend
Bitcoin's price is experiencing a decline, failing to recover above $95,000 and dropping over 4%. There are indications of further decreases below $90,000.
- Bitcoin’s price has fallen below $94,000 and $93,500.
- Currently trading under $93,000 and the 100-hour simple moving average.
- A bearish trend line with resistance at $95,850 is forming on the BTC/USD hourly chart.
- The price may continue to fall if it stays below the $91,500 level.
Current Market Situation
The price remains below the $93,500 pivot level, indicating active bear pressure. A low was reached at $90,700, and Bitcoin is showing bearish signs below the 23.6% Fib retracement from the $95,888 high to the $90,700 low.
If there's an attempt for recovery, resistance might be encountered near $92,500, with key resistances at $93,250 and the 50% Fib retracement level. Further resistances include $93,800 and potentially $95,500.
Potential for Further Losses
Failing to surpass the $93,500 resistance could lead to another decline. Immediate support lies near $90,800, with major supports at $90,500 and $90,000. Further losses could push the price to $88,000, with main support at $86,500.
Technical Indicators:
- MACD indicates a strengthening bearish trend.
- RSI for BTC/USD is below 50, highlighting a bearish momentum.
- Key Support Levels: $90,500, $90,000
- Key Resistance Levels: $92,500, $95,800