Will Bulls Defend $93,257 Once More?
Bitcoin A new leg of decline has begun, approaching the key $93,257 support level, which has proven to be a battleground for the bulls of late. The question therefore remains whether buyers can regain control and defend this level again. As uncertainty arises, all eyes are on this key area, which could determine whether Bitcoin rebounds or faces a deeper downward trajectory.
With market volatility on the rise, this article aims to delve deeper into the scenario of BTC falling towards the $93,257 support again, assessing the possibility of a bullish defense emerging at this critical point. It checks technical patterns, market Sentiment and key levels to better gauge Bitcoin’s next price direction.
Bitcoin falls back to $93,257
On the 4-hour chart, BTC is showing negative sentiment and trying to break below the 100-day simple moving average (SMA), which currently has support at $93,257. Furthermore, this continued decline in support suggests selling pressure is intensifying, and if support fails to hold, the asset could experience more losses.
Furthermore, analysis of the 4-hour chart shows that the Relative Strength Index (RSI) is currently at 44%, after a previous attempt to break above the 50% mark failed. This shows the struggle to maintain upward momentum and pointed to mild bearish pressure, pointing to cautious market sentiment. If the RSI continues to fall, it could signal an intensification of selling activity.
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On the daily chart, the crypto giant shows a clear downward trend moveThis is highlighted by a bearish candlestick after an attempted surge to the previous high of $99,575. The inability to sustain the previous uptrend means a lack of buyer confidence and widespread pessimism mood in the market. As Bitcoin targets support at $93,257, pressure from sellers is likely to intensify, raising concerns about the possibility of a Bitcoin collapse.
Finally, the 1-day RSI indicates growing bearish momentum, with the signal line falling back from overbought territory to 62%. This means that upward pressure is waning and market sentiment may be shifting. Given that the RSI continues to fall, this could signal a pullback or consolidation, with buying interest waning and bears potentially taking over.
Market Sentiment: Bulls vs Bears $93,257
Bitcoin is now targeting a retest of the key $93,257 support level, setting the stage for a battle between Bitcoins bull and bears. If the bulls can hold this key level, BTC may start rising again, targeting the previous high of $99,575. A successful break above this level could pave the way for new all-time highs.
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However, if the bears dominate here support level, Bitcoin may continue to fall towards the $85,211 mark. A break below this level could trigger more downside, pushing the price towards additional support areas.
Featured images from Unsplash, charts from Tradingview.com
