Bitcoin's price is currently experiencing a downturn, trading below $93,000 amidst a crypto selloff ¹. However, some traders believe that this decline might be followed by a short-term bounce.
Looking at the technical analysis, Bitcoin's price action leans bearish, with the price trading below the $91,500 resistance area ². The Relative Strength Index (RSI) is at 50, and the Moving Average Convergence/Divergence (MACD) is struggling to make a bullish cross.
Despite this, some analysts suggest that if Bitcoin can close above the $91,500 resistance area, it could prevent a bearish trend and potentially lead to a bounce ². On the other hand, if the price breaks below the 200-day Exponential Moving Average (EMA) and closes below $85,000, it could extend the decline to retest its next support level at $73,000 ³.
It's essential to keep in mind that the crypto market is highly volatile, and prices can fluctuate rapidly. As always, it's crucial to do your own research and consider multiple perspectives before making any investment decisions.
This is not a financial advice, just for educational purposes only
