BTC has experienced a price decline with fluctuations, and the daily moving average lower bound has begun to move downward continuously, which has also dragged down the daily mid-line and the daily MA7 is moving downwards. The short-term daily range support is around 90,900. If the price continues to fluctuate downward, we can only refer to the support situation at the 90,000 round number.

Currently, the BTC price has fallen below the concentrated chip area around 92,000-100,000, but it has not yet triggered the upper chip liquidation.

Is the pullback likely to deepen? Should we be pessimistic again?

As the daily moving averages below are trending downwards, the continuous decline in daily support has indeed resulted in an inability to form effective support temporarily, while the higher-level weekly and monthly supports are still at a certain distance from the current price, basically around 78,000. Therefore, if the short-term price breaks below the daily range, there is indeed a possibility for further declines.

However, we still need to observe the situation around the 90,000 round number, mainly to see if the round number activates market buying volume.

Nevertheless, there is no need to be overly pessimistic at the moment. Although the technical effective support is around 78,000, the upper limit of the current fluctuating downward daily range is still maintaining an upward trend. We are currently in a state of divergence, which may limit the likelihood of further price declines.