Bitcoin has been forming a series of lower highs and lower lows since its all-time high (ATH) of $109,568, indicating a potential downtrend. The support level, which previously held strong, has now been broken and is acting as resistance. The recent price movement suggests a retest of this broken support, which could confirm further downside if rejected.
The 100 EMA is positioned above the price, reinforcing bearish pressure. If BTC fails to reclaim this level, the price may continue to decline. RSI is hovering around 41.51, indicating weak momentum, with no strong bullish signals yet.
Bullish Scenario: A reclaim of the broken support and a move above $90,000 could invalidate the bearish setup.
Bearish Scenario: A rejection from this level could lead to further downside, potentially targeting $75,000-$72,000.
The 100 EMA is positioned above the price, reinforcing bearish pressure. If BTC fails to reclaim this level, the price may continue to decline. RSI is hovering around 41.51, indicating weak momentum, with no strong bullish signals yet.
Bullish Scenario: A reclaim of the broken support and a move above $90,000 could invalidate the bearish setup.
Bearish Scenario: A rejection from this level could lead to further downside, potentially targeting $75,000-$72,000.
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The price action is forming a classic downtrend pattern, characterized by lower highs and lower lows.
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