Bitcoin Price Sharp Pullback Raises One Question: Will $92K Hold?
Analysis
Price Impact
HighBitcoin experienced a sharp pullback, breaking below several key support levels including $94,500, $94,000, and $93,500. the price briefly dipped below $92,000 and is currently consolidating losses, remaining at risk of further declines if it fails to hold the $92,000 support.
Trustworthiness
HighThe source adheres to a strict editorial policy, focusing on accuracy, relevance, and impartiality. content is created by industry experts, meticulously reviewed, and published under the highest reporting standards.
Price Direction
BearishThe price has broken multiple support levels and a declining channel. technical indicators like the hourly rsi are below 50, and the macd is in the bearish zone, suggesting continued downward pressure. the $92,000 level is critical; a failure to hold it could lead to further losses towards $90,000.
Time Effect
ShortThe analysis focuses on hourly charts, immediate support/resistance levels, and 'near term' price movements, indicating a short-term outlook on price action.
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price started a fresh decline below $95,000. BTC is consolidating losses and remains at risk of more losses if it dips below $92,000. Bitcoin started a sharp decline below $95,000 and $94,000. The price is trading below $93,500 and the 100 hourly Simple moving average. There was a break below a declining channel with support at $93,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it stays below the $954000 zone. Bitcoin Price Dips Sharply Bitcoin price failed to stay above the $94,500 support and started a fresh decline. BTC declined sharply below the $94,000 and $93,500 support levels. There was a move below the 61.8% Fib retracement level of the recent wave from the $89,995 swing low to the $97,898 high. Besides, there was a break below a declining channel with support at $93,550 on the hourly chart of the BTC/USD pair. The price even spiked below $92,000. It tested the 76.4% Fib retracement level of the recent wave from the $89,995 swing low to the $97,898 high. Bitcoin is now trading below $93,500 and the 100 hourly Simple moving average . If the price remains stable above $92,000, it could attempt a fresh increase. Immediate resistance is near the $93,000 level. The first key resistance is near the $93,500 level. Source: BTCUSD on TradingView.com The next resistance could be $94,000. A close above the $94,000 resistance might send the price further higher. In the stated case, the price could rise and test the $95,000 resistance. Any more gains might send the price toward the $95,500 level. The next barrier for the bulls could be $96,200 and $96,400. Downside Continuation In BTC? If Bitcoin fails to rise above the $93,500 resistance zone, it could start another decline. Immediate support is near the $92,000 level. The first major support is near the $91,800 level. The next support is now near the $91,300 zone. Any more losses might send the price toward the $90,500 support in the near term. The main support sits at $90,000, below which BTC might accelerate lower in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $92,000, followed by $91,800. Major Resistance Levels – $93,000 and $93,500.