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Fresh Drop For Bitcoin: Will Bulls Defend $93,257 Once More?
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Fresh Drop For Bitcoin: Will Bulls Defend $93,257 Once More?

Godspower Owie
Godspower Owie
6 months ago
3 mins read
Bitcoin

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Bitcoin has started a fresh decline, approaching the crucial $93,257 support level that has proven to be a battleground for bulls lately. Thus, the question remains whether buyers can regain control and defend this level once more. As uncertainty looms, all eyes are on this critical zone, which could determine whether Bitcoin bounces back or faces a deeper downward trajectory.

With market volatility increasing, this article aims to delve into BTC’s renewed drop toward the $93,257 support level, assessing the likelihood of a bullish defense at this critical point. It examines technical patterns, market sentiment, and key levels to better gauge Bitcoin’s next price direction.

Bitcoin Slides Back Toward $93,257

On the 4-hour chart, BTC exhibits negative sentiment, attempting to drop below the 100-day Simple Moving Average (SMA) as it trends downward, with its sight set at the $93,257 support level. Furthermore, a continued descent to this support suggests that selling pressure is intensifying, and if the support fails to hold, the asset could experience more declines.

Bitcoin
BTC’s downtrend triggering an attempt to drop below the 100-day SMA | Source: BTCUSDT on Tradingview.com

Also, an analysis of the 4-hour chart shows that the Relative Strength Index (RSI) is currently at 44%, following a failed attempt to break above the 50% mark. This indicates a struggle to sustain upward momentum and points to moderate bearish pressure, suggesting a cautious market sentiment. If the RSI continues to drop, it may signal heightened selling activity.

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6 months ago

On the daily chart, the crypto giant displays significant downside movement, highlighted by bearish candlesticks after a failed recovery attempt to surge toward its previous high of $99,575. The inability to sustain the previous uptrend implies a lack of buyer confidence and a prevailing pessimistic sentiment in the market. As Bitcoin aims at the $93,257 support level, the pressure from sellers could intensify, raising concerns about the possibility of a breakdown.

Bitcoin
Bitcoin set for further decline after failure to revisit its current all-time high | Source: BTCUSDT on Tradingview.com

Finally, the 1-day RSI indicates growing bearish momentum, with the signal line retreating to 62% from the overbought zone. This means that upside pressure is fading, and a shift in market sentiment may be underway. Given that the RSI continues to decline, it could signal a pullback or consolidation, with decreasing buying interest and the potential for bears to take control.

Market Sentiment: Bulls Vs. Bears At $93,257

Bitcoin is currently aiming for a retest of the critical $93,257 support level, setting the stage for a battle between bulls and bears. If the bulls manage to defend this key level, BTC could begin to rise again, aiming for its previous high of $99,575. A successful breakout above this level could pave the way for a new all-time high.

Related Reading

The Current Correction In Bitcoin Is The Last Before A Major Rally—Here’s Why

The Current Correction In Bitcoin Is The Last Before A Major Rally—Here’s Why

6 months ago

However, should the bears dominate at this support level, Bitcoin could continue its decline toward the $85,211 mark. A break below this level might trigger more downside, pushing the price toward additional support zones.

Bitcoin
BTC trading at $95,228 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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