Bitcoin has fallen sharply, breaking below the $91,000 support level, which previously acted as a major floor for the uptrend. The cryptocurrency is now testing the 200-EMA ($79,897) as it struggles to find buying interest.
🔍 Technical Breakdown:
📉 Major Breakdown – The loss of $91,000 has turned sentiment bearish.
📉 200-EMA as Last Defense – Holding above $80,000 is critical to avoid deeper losses.
📉 RSI at 29.30 – Bitcoin is entering oversold territory, suggesting a potential relief bounce.
📉 MACD Bearish – The indicator remains deeply negative, confirming ongoing selling momentum.
📌 Key Levels to Watch:
🔹 $80,000-$79,000 – Crucial support zone; a breakdown here could trigger further selling.
🔹 $91,000 – Now resistance; bulls must reclaim this level to restore confidence.
🔹 $100,000+ – Long-term bullish outlook remains intact above this mark.
💡 Trading Outlook:
🔻 Bearish Case: A sustained break below $80,000 could accelerate downside pressure, targeting $72,500 (61.8% Fib retracement).
🔺 Bullish Case: If Bitcoin holds above the 200-EMA, a relief bounce toward $91,000 is possible, but buyers need to reclaim it to shift momentum.
Bitcoin's long-term trend is still bullish, but the recent breakdown raises concerns about further downside risk. Can bulls defend $80,000, or is this the start of a deeper correction?
-MW
🔍 Technical Breakdown:
📉 Major Breakdown – The loss of $91,000 has turned sentiment bearish.
📉 200-EMA as Last Defense – Holding above $80,000 is critical to avoid deeper losses.
📉 RSI at 29.30 – Bitcoin is entering oversold territory, suggesting a potential relief bounce.
📉 MACD Bearish – The indicator remains deeply negative, confirming ongoing selling momentum.
📌 Key Levels to Watch:
🔹 $80,000-$79,000 – Crucial support zone; a breakdown here could trigger further selling.
🔹 $91,000 – Now resistance; bulls must reclaim this level to restore confidence.
🔹 $100,000+ – Long-term bullish outlook remains intact above this mark.
💡 Trading Outlook:
🔻 Bearish Case: A sustained break below $80,000 could accelerate downside pressure, targeting $72,500 (61.8% Fib retracement).
🔺 Bullish Case: If Bitcoin holds above the 200-EMA, a relief bounce toward $91,000 is possible, but buyers need to reclaim it to shift momentum.
Bitcoin's long-term trend is still bullish, but the recent breakdown raises concerns about further downside risk. Can bulls defend $80,000, or is this the start of a deeper correction?
-MW
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