Bitcoin, currently hovering between $91,721 and $92,105, has dropped 2.7% in the past 24 hours. The market cap remains strong at $1.81 trillion, supported by a trading volume of $45.45 billion. Price movements today range between $91,315 and $94,562, showing volatility amidst bearish pressure.
1-Hour Chart Analysis
The 1-hour chart hints at a modest recovery from recent dips, but Bitcoin struggles to break past the $93,000 resistance. Indicators paint a mixed picture:
RSI at 40 and Stochastic at 10 suggest indecision.
MACD at -613 signals continued seller dominance.
4-Hour Chart Analysis
Zooming out, the 4-hour chart reveals stronger bearish signals:
CCI at -127 and momentum at -5,766 underline declining strength.
Resistance levels near $94,000, coupled with shorter-term EMAs and SMAs (EMA-10 at $95,516, SMA-10 at $95,557), confirm persistent selling pressure.
Daily Chart Overview
The daily chart highlights a clear bearish trend, with Bitcoin retreating from its recent peak near $108,000. Long-term indicators show limited support ahead:
EMA-100 at $85,297 and SMA-100 at $81,620 hint at potential stabilization.
The awesome oscillator at -3,168 and ADX at 26 affirm the bears’ control.
Key Levels to Watch
Support: $91,000-$92,000. A breach here could see a decline toward $88,000.
Resistance: $94,000-$95,000, a critical barrier for any bullish recovery attempt.
Bullish Case
Breaking above $94,000 with increased volume and bullish patterns (e.g., double bottom or engulfing candlestick) could signal a reversal. Long-term support levels at EMA-200 ($75,987) and SMA-200 ($71,384) offer potential recovery zones.
Bearish Case
Without strong reversal signals, the bearish momentum is likely to persist. Indicators like MACD (-613) and shorter-term moving averages suggest further downside, with potential targets around $88,000 or lower.
Conclusion
Bitcoin’s current trajectory reflects a market in flux, with weak recovery attempts overshadowed by strong bearish trends. Traders should watch for key support levels and reversal signals before making decisive moves.