Bitcoin Price Faces Potential Drop to $93,000 Amid Bearish Signals
The Bitcoin price has dropped approximately 7% from its recent all-time high, indicating potential bearish trends ahead. Analysts predict a possible decline to around $93,000 in the near term.
Technical Indicators Suggest Bearish Sentiment
- Daily Relative Strength Index (RSI) is at 51 and below the 14-day simple moving average (SMA), indicating weakening bullish momentum.
- Fixed Range Volume Profile (FRVP) shows significant trading volume around $103,500; closing below this level may increase selling pressure.
- AlphaTrend indicates a second close below 106.269 could trigger a 'sell' signal.
- Average Directional Index (ADX) suggests bearish control of the market.
- Next support targets are at around $93,000 and $91,800 based on Fibonacci levels and FRVP Value Area Low (VAL).
The current Bitcoin price is approximately $104,000, reflecting a nearly 2% decrease in the last 24 hours.
