Bitcoin is approaching the crucial $93,257 support level, a strategic point for the bulls. This level has been a battleground recently, and whether buyers can defend it once more is uncertain. The outcome could dictate Bitcoin's next trajectory, amid rising market volatility and technical challenges.
On the 4-hour chart, Bitcoin shows negative sentiment, nearing the 100-day SMA, with its sights on $93,257. A continued descent points to mounting selling pressure. The Relative Strength Index (RSI) is at 44%, indicating moderate bearish pressure and cautious market sentiment. A further drop could heighten selling activity.
The daily chart reinforces downside momentum with bearish candlesticks following a failed recovery attempt. This suggests a lack of buyer confidence and prevailing pessimism. Should the RSI continue declining, it may indicate a pullback or consolidation, with waning buying interest and potential bear control.
Bitcoin's path at $93,257 sets a stage for bulls versus bears. A successful defense could trigger a rise towards $99,575 or an all-time high. Conversely, if bears dominate, Bitcoin may decline toward $85,211, and breaking this level may induce further downside movement.
