Bitcoin has started a recent decline, approaching the crucial $93,257 support level, which has recently proved to be a battleground for bulls. Thus, the question remains whether buyers can regain control and defend this level. As uncertainty mounts, all eyes are on this critical zone, which could determine whether Bitcoin bounces back or faces a deeper downward move.
With market volatility increasing, this article aims to look at BTC’s renewed decline towards the $93,257 support level, assessing the potential for a bullish defense at this critical point. It examines technical patterns, the market Sentiment, and key levels to better gauge Bitcoin’s next price direction.
Bitcoin bounces back to $93,257
On the 4-hour chart, BTC displays negative sentiment, attempting to break below the 100-day simple moving average (SMA) as it trends lower, with its sights set on the $93,257 support level. is Furthermore, the continued decline for this support suggests that pressure to sell is accelerating, and if the support fails to hold, the asset may fall further.
Also, analysis of the 4-hour chart shows that the Relative Strength Index (RSI) is currently at 44%, after a failed attempt to break above the 50% mark. It shows the struggle to maintain the upward trend speed and points to moderate bearish pressure, suggesting a cautious market sentiment. If the RSI continues to decline, it may indicate increased selling activity.
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On the daily chart, the crypto giant shows significant downside movementHighlighted by bearish candlesticks after a failed recovery attempt to move towards the previous high of $99,575. The inability to sustain the previous increase means a lack of buyer confidence and a prevailing pessimism feeling in the market. As Bitcoin takes aim at the $93,257 support level, sellers’ pressure could intensify, raising concerns about the possibility of a breakout.
Finally, the 1-day RSI shows increasing bearish momentum, with the signal line retracing 62% from the overbought zone. This means that the upside pressure is easing, and there may be a change in market sentiment. Given that the RSI continues to decline, this could signal a pullback or consolidation, with buying interest waning and bears likely to take control.
Market Sentiment: Bull Vs. The price is $93,257
Bitcoin is currently aiming for a retest of the critical support level of $93,257, setting the stage for a fightback. the bull And the bear. If the bulls manage to defend this key level, BTC could start moving higher again, targeting its previous high of $99,575. A successful breakout above this level could pave the way for a new all-time high.
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However, it should be dominated by bears support level, Bitcoin may continue its decline towards the $85,211 mark. A break below this level could trigger further downside, pushing the price towards additional support zones.
Featured image from Unsplash, chart from Tradingview.com
