Bitcoin is currently experiencing a notable downturn, reflecting a broader bearish sentiment across the cryptocurrency market. With the majority of digital assets seeing price declines today, the leading cryptocurrency is under significant pressure, prompting close scrutiny of its immediate and mid-term price trajectory.
Immediate Bearish Pressure
On the hourly chart, Bitcoin's price exhibits a distinctly bearish outlook, having fallen by 2.37% over the last 24 hours. Traders are closely monitoring a critical local support level at $91,302. A sustained close below this point could trigger a swift move towards the psychological $90,000 mark, indicating continued downward momentum in the very short term.
False Breakout and Critical Support
Examining a broader timeframe, Bitcoin's decline appears to be a continuation after a failed attempt to break above the $94,652 resistance level. This false breakout has reasserted bearish control. The immediate focus is now on the $90,536 level; should the daily candle close below this, it could unleash sufficient selling pressure to push BTC into the $89,000-$90,000 range.
Buyer's Role in Preventing Deeper Correction
From a midterm perspective, the price has clearly bounced off the significant resistance at $94,652. For Bitcoin to avoid a more substantial correction, buyers must seize the initiative and push the price away from this bearish rejection point. The current trading price of Bitcoin at approximately $91,445 underscores the ongoing struggle between bullish and bearish forces, with bears currently holding the upper hand.
