Bitcoin’s price is falling again, heading towards a key support level of $93,257. This level has been a battleground for buyers and sellers recently, so the question is: can buyers step in and stop the fall? The next few days will be crucial in determining whether Bitcoin recovers or continues its downward trend.
Chart Analysis: A Bearish Outlook?
4-Hour Chart: The short-term picture looks bearish. Bitcoin is trying to break below its 100-day moving average and is heading towards that $93,257 support. The Relative Strength Index (RSI) is at 44%, showing weak buying pressure. If it falls further, we could see more selling.
Daily Chart:
The daily chart shows a clear downward trend, with several bearish candlesticks. Bitcoin failed to break through its recent high of $99,575, suggesting buyers aren’t confident. The daily RSI is also falling, indicating weakening buying pressure.
The Big Question: Bulls vs. Bears at $93,257
The upcoming battle at $93,257 will be decisive.
- If the bulls win:
Bitcoin could rebound and try to reach its previous high of $99,575, potentially even setting a new record high. - If the bears win: Bitcoin could fall further, potentially dropping to $85,211 or even lower.
The situation is uncertain, and the next few days will be crucial for determining Bitcoin’s next move.
