Bitcoin is currently priced at 92K, and on the 4-hour chart, Bitcoin has formed a bearish engulfing pattern. The high volume of selling indicates negative sentiment. Support at 92K is crucial, and if this range fails, a break below 90K is likely. Back to the 80K stage, in order to spark some bullish action, the price needs to break through 95K-98K again.
Bearish Conclusion:
The short- to medium-term bearish outlook dominates, and 92K is a key level to watch closely. A break below this level could accelerate the sell-off to 90k, and possibly even 89K, coupled with sell signals from momentum indicators and short-term moving averages, further emptying out consumers. The current technical signals mean that buyers should be cautious, and unless significant bullish momentum re-emerges, there may be further room for decline.
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