#bitcoin Bullish or Bearish?

The chart is signaling momentum, with indicators pointing to continued selling pressure. Here is the detailed analysis:

Price Action:

Price is trading below both the 9-EMA (97176.15) and 9-MA (96695.04), confirming a bearish trend.

The recent red candle and falling price suggest further testing of support levels around 94000.

MACD (Momentum):

The MACD line (blue) is below the signal line (yellow), with a wide gap and red bars, reflecting strong bearish momentum.

The continued downward slope suggests persistent selling pressure with no immediate signs of recovery.

RSI (Relative Strength Index):

The RSI is at 44.29, indicating bearish conditions but not oversold.

A drop below 40 could signal increasing bear momentum, while consolidation around this level could provide temporary support.

Volume:

Volume during the decline was significant, suggesting active participation in selling, further validating the bear sentiment.

Conclusion:

The market remains firm, with momentum and price action suggesting a continuation of the downtrend.

Key support to watch: 94000. If this level is broken, further downside towards 92000 or lower is possible. Bulls need to push prices above the 9-EMA to show any reversal.

👀 What are your thoughts? Will the momentum last, or could we see a bounce from support?#BtcNewHolder $BTC