Bitcoin plummets to $94,000, a pullback may be imminent! Key support levels determine future trends

Click the avatar to join the live stream and chat!

Bitcoin has recently experienced a dramatic pullback, falling from a previous high of over $100,000 to $94,000, and the market is facing new challenges. In the short term, Bitcoin's upward trend line has been broken, indicating a weakening bullish momentum. However, there are still some key support levels and technical signals that may influence Bitcoin's future movements.

Currently, Bitcoin's psychological threshold is at $90,000, and the 50 EMA ($91,798) will also become the next key support level. If the price is supported at these levels, it may prevent further declines. Trading volume data shows an increase in recent selling pressure, indicating a rather pessimistic market sentiment.

However, the Relative Strength Index (RSI) is currently at 43, nearing the oversold territory, which provides potential regrouping opportunities for bulls. Historically, this situation often signals possible rebounds or consolidation periods.

From a longer-term perspective, Bitcoin remains above its 100 EMA ($82,971), a level that has historically served as solid support during market downturns. If the price can maintain above this level, the bullish structure will continue.

If Bitcoin can rebound above $97,000, it may trigger a new round of upward movement. However, if selling pressure persists, the $85,000 region will become a key support level for further pullbacks. Future movements will depend on whether the market can maintain these key support levels; if buyers regain control, Bitcoin is expected to stabilize and attempt to recover the $100,000 level, indicating a revival of market confidence.

Click the avatar to join the live stream and chat!