Bitcoin (BTC) is falling this Thursday (26), having lost 2.4% in 24 hours.
As a result, the world's largest cryptocurrency is trading just below $96,000, having lost this level as support. Check out what could come next for BTC.
Bitcoin falls again, but maintains support
Analysis of the daily chart shows that Bitcoin has fallen again after trading higher over Christmas. As a result, the asset failed to consolidate the 0.236 Fibonacci retracement level of its last major upward move as support.
However, the 0.382 level at $92,847 continues to act as strong support. Combined with the low trading volume in recent days, it is possible to say that the asset has entered a consolidation phase between these two levels.
Therefore, we should expect the downtrend to continue, with the $92,847 level potentially being tested as support once again.
Bitcoin (BTC) Chart on TradingView
Price prediction
Meanwhile, the short-term outlook is bearish. On the 2-hour chart, the 100-period exponential moving average (EMA) (white) has crossed below the 200-period EMA (gold). This shows that Bitcoin is trading at increasingly lower levels in this timeframe.
Furthermore, the Relative Strength Index (RSI) is at 38. Being below 50, the indicator shows that the current momentum is with the sellers, who can push the price further down without BTC entering an oversold state.
Bitcoin (BTC) Chart on TradingView
This confirms that a drop to the 0.382 retracement level is the most likely scenario, with BTC potentially testing the 0.5 retracement level at $88K if this support fails to hold.
The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.
