Based on the data shown in the chart, we are witnessing a serious downward movement in Bitcoin price, as the coin is declining by -3.90% to reach $92,132.61. Over the past 24 hours, Bitcoin recorded a high of $96,500.00 and a low of $92,100.00, with a trading volume of 7.03 million units, reflecting increasing selling pressure in the market.
Technically, the chart shows a sharp price collapse, as the 5- and 10-day moving averages (MA) are above previous support levels, indicating a continuation of the strong downtrend. Indicators such as the RSI may be entering the oversold zone, but the bearish momentum is still prevailing, increasing the possibility of an additional collapse towards lower support levels, possibly below $90,000 soon. Pressure on the support level at $92,100.00 looks threatening, especially with the relatively low trading volume (9.44K) that could mean weak demand.
With the continued downside pressure and no strong signs of recovery, Bitcoin looks set to face a bigger collapse in the coming days. Traders are advised to exercise extreme caution and manage their risk carefully, while keeping an eye on any sudden changes in liquidity or market-related news.
