BTC’s hourly chart reflects significant downward momentum, with bitcoin recently hitting a high of approximately $96,492 before reversing sharply. Selling pressure has been persistent, and while minor relief bounces have occurred, they have been quickly sold off. The price is currently hovering near the $85,953 low of the day, testing a key support zone between $85,000 and $86,000. If this level fails, increased volatility could drive the price toward $80,000 in the short term.
The four-hour chart presents a similar picture, showing a recent high of $99,508 before sellers took control. The sharp decline has been accompanied by high volume on red candles, confirming strong bearish sentiment. Although brief recoveries have been observed, they have lacked follow-through, suggesting weak demand. Resistance is firmly established around $90,000, and unless bitcoin reclaims this level with strong buying volume, the trend is likely to remain bearish.
BTC’s daily chart further supports the broader downtrend, with bitcoin previously reaching a high of $109,356 before experiencing a prolonged sell-off. The price is now testing critical support, and if sellers maintain control, a drop toward $80,000 appears increasingly probable. However, if buyers step in and push the price back above $90,000, a short-term recovery could develop. For a true reversal, bitcoin would need to break above $95,000, where selling pressure has historically intensified.
Oscillator readings indicate mixed signals, with the momentum at -11,093 and the moving average convergence divergence (MACD) level at -1,840, both suggesting further downside. However, the relative strength index (RSI), Stochastic, commodity channel index (CCI), average directional index (ADX), and awesome oscillator all remain neutral, implying that while selling pressure is strong, the market is not yet in oversold territory. Traders should watch for a shift in momentum that could signal a potential reversal.
Moving averages (MAs) continue to reinforce the bearish outlook, as all short- to mid-term indicators signal negative action. The exponential moving averages (EMA) for 10, 20, 30, 50, and 100 periods, along with the simple moving averages (SMA) for the same timeframes, are all positioned well above the current price, confirming ongoing downward pressure. However, the 200-period EMA at $85,639 and the 200-period SMA at $81,617 indicate a potential long-term support zone, which could serve as a base for a future rebound if selling pressure eases.
Bull Verdict:
Despite the prevailing bearish sentiment, bitcoin is approaching a key long-term support zone between $81,000 and $86,000, where historical buying interest has been strong. If buyers step in and volume increases, a bounce toward $90,000 or higher is possible. A break above $95,000 would confirm a potential trend reversal, signaling renewed bullish momentum.
Bear Verdict:
The overall market structure remains bearish, with bitcoin struggling to hold key support levels and all short- to mid-term moving averages reinforcing downward pressure. If the price fails to reclaim $90,000, continued selling could drive it toward $80,000 or lower. Without a shift in momentum or a surge in buying volume, further downside remains the most likely scenario.
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