$BTC Bitcoin (BTC) price is currently around $94,659, with intraday movement between $91,211 and $95,016.

Technical analysis shows that Bitcoin is retesting the 38.2% Fibonacci retracement level at $92,493. A strong close below this level could lead to a deeper correction.

In addition, the recent price drop was influenced by the US government's plan to sell $6.5 billion worth of Bitcoin seized from the Silk Road black market. This move has increased selling pressure in the market.

In the short term, if Bitcoin manages to maintain the support level around $90,000, there is potential for a rebound towards $100,000. However, if this support level is broken, the price could fall further towards $84,000.

Investors are advised to monitor market developments closely and consider fundamental and technical factors before making investment decisions.