Bitcoin (BTCUSD) price is bouncing back after hitting the resistance of the descending corrective channel shown on the chart, to start putting pressure on the 23.6% Fibonacci retracement level, which is an important support at $95195.00. The price needs to break this level to confirm the rush towards our negative targets that start at $91000.00 and extend to reach the 38.2% Fibonacci retracement level at $87055.00.
Therefore, the bearish bias will be likely during the upcoming sessions, taking into account that breaching $99170.00 will stop the expected decline and lead the price to try to regain the main bullish trend again.
The expected trading range for today is between support $92000.00 and resistance $98000.00.
Price forecast for today: Low