Market Update

Bitcoin is currently hovering around the $96.5k mark, a crucial level that coincides with both the Monthly Open and the 4-hour EMA200. The orange trendline on the chart points to a consistent 4-hour downtrend since BTC reached its all-time high of $108k.

A break above this downtrend could set the stage for a push toward $99k. However, if Bitcoin starts to face resistance at $96.5k, a pullback to retest the $92k level becomes increasingly probable. Traders should keep an eye on these levels for potential shifts in momentum.