Bitcoin Price Faces Uncertainty as Downward Pressure Grows

Bitcoin's value has recently dipped below $94,000, raising concerns about potential further declines if it falls under $91,500.

Key Takeaways

Bitcoin's price has experienced a significant drop, falling below both the $94,000 and $93,000 thresholds.
Currently, Bitcoin trades under $93,000 and below the 100-hourly Simple Moving Average.
A bearish trend line indicates resistance at around $94,600, suggesting further declines may occur if Bitcoin stays below $94,000.

Bitcoin Price Weakens Further

Bitcoin Price Experiences a Decline

Bitcoin's price has struggled to maintain the $93,500 support level, leading to a fresh decline. It has dropped sharply below the $93,000 and $92,500 support markers, with the bears pushing the price down past $92,000. A low was noted at $91,866, where the price has begun to consolidate its losses.

A small recovery occurred, briefly surpassing the 23.6% Fibonacci retracement level from the recent decline that started from a high of $95,475 down to the $91,866 low. However, selling pressure from bears has been evident around the $93,200 mark.

Bitcoin is currently priced below both $93,000 and the 100-hourly Simple Moving Average. If it manages to hold above $92,000, there could be an opportunity for an increase. Immediate resistance is at the $92,800 level, with further significant resistance found around $93,200.

Bitcoin Price Source: BTCUSD on TradingView.com Potential resistance on the upside could be identified at $93,650 or the 50% Fibonacci retracement level corresponding with the recent drop from $95,475 to $91,866. A close above $93,650 could encourage an upward movement, with the next target being $94,000. If this level is surpassed, Bitcoin could rise toward the $94,500 mark, and further gains may lead to barriers at $95,000 and $95,500.

Is a Downward Trend Imminent for Bitcoin?

If Bitcoin cannot break through the $93,650 resistance zone, a new decline may begin. Immediate support stands at $92,000, with primary support nearby at $91,800. The next support level to keep an eye on is around $91,200. Additional losses may drive Bitcoin down towards support at $90,500 in the short term. The critical support remains at $90,000, and falling below this threshold could intensify declines.

Technical Insights

Hourly MACD: The MACD is gaining momentum within a bearish range.
Hourly RSI (Relative Strength Index): The RSI for the BTC/USD pairing is now below 50, indicating potential weakness.

Major Support Levels:

$92,000
$91,800

Major Resistance Levels:

$93,650
$94,000