#ReboundRally
$BTC market rebound is a highly anticipated event, but the current outlook suggests a potential dip before a broader recovery. Bitcoin's price has been experiencing a correction, dropping below $94,000, with a 15% drawdown from its recent all-time highs.
*Key Support Levels:*
- _50-day moving average_: Providing significant support near $95.5K²
- _$90,000_: A strong psychological level that may be retested
- _$89,000_: A critical support zone, with a potential retest³
- _$85-86,000_: A potential "back up the truck" area for bulls
*Technical Analysis:*
- $BTC's price action suggests a potential retest of the $90,000 level
- The Relative Strength Index (RSI) is showing a bearish divergence, indicating weakening momentum
- The Fibonacci retracement levels suggest potential support at $89,000 and $76,930
*Market Outlook:*
- The $BTC market is expected to be quiet during the holiday season, with traders focusing on the holidays rather than trading⁴
- The market may be consolidating, building a base for a potential higher climbs.
- Some analysts predict a potential dip to $70,000, while others see a stronger support at $90,000