Bitcoin has experienced a significant downturn, trading below the critical $95,000 level. The cryptocurrency has displayed bearish tendencies, with analysts suggesting that it could face a further decline if it falls below the $92,000 support level.
The recent trading session saw Bitcoin dip below $95,000, subsequently stabilizing below $94,000 and the 100-hour Simple Moving Average. A bearish trend line has formed with resistance at the $95,000 zone on the hourly chart for the BTC/USD pair, indicating that Bitcoin struggles to regain upward momentum. The price faced significant resistance in its attempt to recover from earlier losses.
After failing to initiate a recovery above the $98,000 level, Bitcoin continued on a downward trajectory, losing momentum below both the $96,500 and $95,500 levels. The lowest recorded price was $92,417, and as it now consolidates losses, there was a brief uptick above the $94,000 level while still remaining below essential technical indicators. The price has climbed above the 23.6% Fib retracement level, yet it confronts strong resistance near the $95,000 level.
If Bitcoin manages to break through the $96,000 resistance, this could set the stage for potential gains, possibly allowing it to test the $97,500 level. Market sentiment remains cautious, as there is a critical need for Bitcoin to overcome these resistance levels to avoid further declines.
On the downside, immediate support is located around the $92,400 level, with major support levels identified at $92,000 and $91,200. Should the price continue to struggle, there is a risk of a deeper pullback toward the $90,000 mark. Current technical indicators, such as the MACD and RSI, reflect a bearish outlook, suggesting a challenging path ahead for Bitcoin .
