The recent decline has led many investors to become pessimistic about the market outlook, even believing that prices may fall back to the range starting with 8. This is the nature of the market; investor sentiment often dominates. However, making market predictions and actually executing trades are two completely different things. Purely analyzing market trends without putting them into practice is merely theoretical and one should not be disturbed by various noises from the market.
From a short-term perspective, there is a support level for Bitcoin at 93800. If this level is not broken during a second test, it should not be deemed that it will continue to decline. In terms of this upward trend, it has retraced 20% from the highest point, which meets the minimum retracement requirement. If this support level is broken, the next support level can be looked at around the 91300 price corresponding to the 0.382 retracement level.
Generally speaking, retracement usually ends within the Fibonacci retracement range of 0.2 to 0.618, and after this adjustment, the next round of upward trend will begin.
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