Bitcoin stands at $93,257, a pivotal support level that could dictate its next major move. The ongoing battle between bulls and bears raises stakes: a defense could spark momentum, while a break below might trigger losses.
Currently, Bitcoin faces a bearish trend attempting to breach the $93,257 support level. On the 4-hour chart, the 100-day SMA might serve as support or indicate further weaknesses. Failure to maintain this level may lead to more significant corrections.
Technical indicators reveal risks: the 4-hour RSI dropped to 35%, signaling increasing selling pressure. A level below 50% hints at a weakening bullish trend, raising the potential for more declines.
Despite trading above the 100-day SMA, Bitcoin's daily chart shows negative momentum with bearish candlesticks and eased buying pressure. A daily RSI drop to 63% from overbought signals a market sentiment shift.
Bitcoin teeters between potential scenarios: a rebound or breakdown. Bulls defending $93,257 could result in a rebound, targeting highs of $99,575. Conversely, breaking below could prompt further declines towards $85,211.
