$BTC

Several technical indicators suggest that Bitcoin is currently in a state of selling pressure.

There is no doubt it will drop before any new rise.

RSI = 21.36: This indicates that the market is in a state of oversold, but it does not necessarily mean an immediate reversal; it can continue to drop before bouncing back.

Stochastic RSI = 2.63: Also in a strong oversold area.

MACD: The fast line is below the slow line with a negative histogram = clear downward momentum.

Wm%R = -100: Also at the bottom of the oversold condition.

The candles are below the averages and approaching the lower Bollinger band: this gives a likelihood of breaking downward, especially if support at 96,184 is broken strongly.

Potential rebound signals:

All the indicators mentioned above, if there is any reversal, could give a short-term technical rebound (correction).

The lower Bollinger band may act as temporary support (around 96,475 approximately).

Approximate forecast for the next 24 hours:

Lowest possible: If the selling pressure continues and support at 96,184 is broken strongly, we might see 94,500 - 95,000.

Highest possible: If a technical rebound occurs, it could rise to 97,500 - 98,000, which is close to the current upper Bollinger band and previous resistance.

But of course, this is a short-term technical analysis and is significantly affected by news or sudden market movements 🫴