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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.