If Bitcoin breaks below the support level of $91,583, it will decline further, with $85,610 becoming the next key target.
Bitcoin fell sharply today, triggering a broad decline in the cryptocurrency market. Over the past few days, this leading cryptocurrency has faced greater selling pressure, undermining its attempts to break through the $100,000 mark.
Bitcoin struggles to maintain key support levels.
Over the weekend, Bitcoin showed signs of weakness, with its price falling below $98,000 on Saturday and below $96,000 on Sunday. These losses set the stage for key movements on Monday.
Despite a strong opening for Bitcoin, reaching $99,000, it failed to maintain upward momentum. Bearish forces quickly intensified, hindering its advance towards the psychological milestone of $100,000.
At the time of writing, Bitcoin has dropped to an intraday low of $90,400 but has partially recovered to $92,380.
Meanwhile, market analyst Ali Martinez emphasizes in his analysis that $91,583 is a key support level for Bitcoin. Martinez identified critical Fibonacci retracement levels using a 12-hour chart and drew insights from the TD Sequential indicator.
The tool is designed to detect potential trend reversals or weaknesses, indicating that the support level of $91,583 may be at a stalemate. Analysts note that if this level is broken, Bitcoin may decline further, with the next significant target being $85,610.
Bitcoin forecast
Technical indicators show bearish momentum for BTC.
Meanwhile, other technical indicators also provide insights into Bitcoin's current market momentum, with some suggesting a shift towards a bearish trend.
The relative strength index (RSI) of Bitcoin is currently 62.36, below the overbought threshold of 70, indicating that BTC is not overbought.
Bitcoin 1-day price chart TradingView
It is worth noting that the RSI has recently retreated from overbought levels. This decline is consistent with broader technical signals indicating that buying pressure is weakening.
The MACD indicator also reinforces bearish expectations. A bearish crossover has occurred, with the signal line crossing above the MACD line, and the histogram turning red, indicating poor momentum.
Although the current red bars are small, indicating moderate bearish activity, the trend appears to be in its early stages.
Meanwhile, renowned market analysts assure cryptocurrency enthusiasts that Bitcoin's current pullback is typical behavior for assets in a bull market. Despite Bitcoin's continued decline, some analysts believe that it still has the potential to rebound to $150,000.
