bitcoin has begun a fresh decline, approaching the crucial support level of $93,257 that has proven to be a battleground for bulls lately. Therefore, the question remains whether buyers will be able to regain control and defend this level once again. As uncertainty increases, all eyes are on this critical zone, which could determine whether Bitcoin recovers or faces a deeper downward trajectory.
With market volatility increasing, this article aims to delve deeper into BTC’s renewed decline towards the $93,257 support level, assessing the likelihood of a bullish defense at this critical point. Examine technical patterns, market sentiment and key levels to better assess the next direction of Bitcoin price.
Bitcoin falls towards $93,257
On the 4-hour chart, BTC is showing negative sentiment, attempting to fall below the 100-day simple moving average (SMA) as it trends lower, with its sights set on the $93,257 support level. Furthermore, a continued decline towards this support suggests that selling pressure is intensifying, and if the support does not hold, the asset could see further declines.
Furthermore, an analysis of the 4-hour chart shows that the Relative Strength Index (RSI) is currently at 44%, after a failed attempt to break through the 50% mark. This indicates a struggle to stay higher. impulse and points to moderate bearish pressure, suggesting a cautious sentiment in the market. If the RSI continues to fall, it may indicate increased selling activity.
On the daily chart, the crypto giant is showing a significant downward move, highlighted by bearish candles after a failed recovery attempt to reach its previous high of $99,575. The inability to sustain the previous bullish trend implies a lack of buyer confidence and prevailing pessimism. feeling in the market. As Bitcoin targets the $93,257 support level, seller pressure could intensify, raising concerns about the possibility of a breakout.
Finally, the 1-day RSI indicates increasing bearish momentum, with the signal line retracing to 62% from the overbought zone. This means that bullish pressure is fading and a change in market sentiment may be underway. As the RSI continues to fall, it could signal a pullback or consolidation, with decreasing buying interest and the possibility of the bears taking control.
Market sentiment: bulls vs. bulls Bears at $93,257
Currently, Bitcoin is aiming to retest the critical support level of $93,257, setting the stage for a battle between bullfighting and bears. If the bulls manage to defend this key level, BTC could start rising again, targeting its previous high of $99,575. A successful breakout above this level could pave the way to a new all-time high.
However, if the bears dominate at this time support level, Bitcoin could continue its decline towards the $85,211 mark. A break below this level could trigger further declines, pushing the price towards additional support zones.
Fountain: NewsBTC.com
