The recent trading session has seen Bitcoin (BTC) slip below the critical $90,000 threshold, raising alarms among traders and analysts. As of now, the price is approximately $89,298, reflecting a nearly 1% decrease since yesterday and a modest 0.44% increase over the past week.
According to data from CoinMarketCap, the current bearish sentiment is evident as Bitcoin has breached the local support level of $90,071. Should this downward trend continue and the daily close falls beneath the $90,000 mark, it could pave the way for a potential test of the $88,000 to $89,000 price range.
Examining the broader time frame, the outlook appears more bearish than bullish. A significant level to watch is $89,269; if this support is compromised, it may trigger a further decline towards the $88,000 level. This scenario remains plausible as we approach the end of next week.
In the midterm analysis, Bitcoin”s value has been on a downward trajectory following a false breakout from the previous high of $94,172. Currently, there are no clear reversal indicators, suggesting that a correction toward the $80,000 to $85,000 range is becoming increasingly likely.
Traders and investors should remain vigilant as market conditions evolve, particularly with the potential for significant price movements as Bitcoin navigates these critical support levels.
