Bitcoin Price Falls Below $92,000 Amid Bearish Momentum

Bitcoin Price Analysis

Bitcoin's price did not sustain above the $94,000 mark and is showing signs of bearish momentum.
The price declined below $92,000 and is trading under the 100 hourly Simple Moving Average.
A break occurred below a bullish trend line at $91,600 on the BTC/USD hourly chart.
If Bitcoin falls below $89,500, further declines are possible.

Current Status

Bitcoin began a downside correction from the $94,500 zone, breaking below the 50% Fib retracement level between $87,777 and $94,583. It is currently near the $89,500 support, approaching the 76.4% Fib retracement level.

Bitcoin Price

Resistance levels to watch:

Immediate resistance at $91,200.
$91,500 and $92,000 as subsequent resistances.
Potential rise towards $92,850 if $92,000 is breached.

Potential Decline Scenario

If Bitcoin does not move above $92,000, it might continue declining.

Nearest support at $89,500.
Major supports at $88,800 and $87,750.
Further decline could target $86,500 and potentially $85,000.

Technical Indicators

Hourly MACD: Bearish momentum increasing.
Hourly RSI: Below the 50 level.
Key Support Levels: $89,500, $88,800.
Key Resistance Levels: $91,200, $92,000.