Currently, the price of Bitcoin (BTC) is hovering around $93,257, which is a very important support point that may determine the future trend. Both bulls and bears are currently in a fierce contest, and market risk is increasing as a result. If Bitcoin can hold this price level, it may welcome a new wave of increases; but if it breaks below this level, it could bring substantial downward risk.
At this critical moment, let's analyze Bitcoin's current performance and the factors affecting its price fluctuations. By studying some important technical indicators and market changes, we can determine whether the bulls have the ability to hold this important price level and push for a rebound, or if a larger decline may occur due to breaking the support.
From the recent trends, Bitcoin is facing certain downward pressure and is currently trying to hold the support point at $93,257. If this weakness continues, Bitcoin may test the 100-day moving average on the 4-hour chart, which may provide some support and could also suggest that the price will continue to drop. If this support point is lost, Bitcoin may experience a deeper pullback and could slide toward lower support areas.
The 4-hour RSI indicator shows that Bitcoin may continue to decline, as the RSI has dropped to 35%, indicating an increase in sellers. Generally, an RSI below 50% suggests that the upward trend is weakening, while the likelihood of a decline is increasing. If the RSI continues to decline, it may signal a risk of Bitcoin entering a long-term downward trend.
Recently, the daily chart of Bitcoin shows that the RSI indicator has dropped from the previous overbought zone to 63%, reflecting a change in market sentiment. In other words, the buying strength is weakening, and the bulls' momentum may be fading. The RSI leaving the overbought zone usually indicates that the price may enter a consolidation phase or may experience a certain degree of pullback.
What might happen next? A rebound or a significant drop?
As Bitcoin approaches a key support level, the market may experience two scenarios: either a rebound or a breakdown. If the bulls can stabilize the important position at $93,257, Bitcoin may regain upward momentum and attempt to challenge the previous high of $99,575. If this high is successfully broken, Bitcoin may have the opportunity to continue setting new historical records, extending the upward trend.
If the selling pressure continues to increase and Bitcoin breaks below the level of $93,257, it may lose the important support area and could further decline to the support zone of $85,211, or even lower.
