Bitcoin is hanging around $93,257 – a super important price point. Whether it bounces back or crashes depends entirely on what happens here.
What’s Happening with Bitcoin?
Bitcoin’s been on a bit of a downward slide, trying to break through the $93,257 support level. If it does, the next stop could be the 100-day moving average (SMA) on the 4-hour chart. That could either act as a safety net or signal even more trouble. If it fails to hold above $93,257, we could see a pretty significant drop.
The 4-hour Relative Strength Index (RSI) is looking pretty bearish. It’s dropped to 35%, showing sellers are in charge. Anything below 50% means the bulls are weakening, and things could get worse. A continued drop in the RSI suggests a longer period of falling prices.
Even though Bitcoin is still above the 100-day SMA, the daily chart shows a strong downward trend. Bearish candlesticks and increased selling pressure aren’t good signs. It’s struggling to stay up, and if this downtrend continues, we’ll likely see a big correction. The daily RSI has also fallen from the overbought zone (meaning too many people were buying) to 63%, showing that buying pressure is fading. This could mean a period of sideways movement or a significant pullback.
Two Possible Futures: Up or Down?
It’s a waiting game. Either Bitcoin will bounce back or it will break down.
Scenario 1: The Rebound
If the bulls manage to hold onto $93,257, Bitcoin could rebound, aiming for its recent high of $99,575. Breaking above that could send it even higher.
Scenario 2: The Breakdown
If selling pressure wins and Bitcoin breaks below $93,257, it could fall sharply, potentially hitting the $85,211 support level or even lower.
