$BTC Bitcoin bears tighten their grip as obstacles increase

Bitcoin is trading above $87,000 at the time of this news on Tuesday, pressured by increasing selling pressure. The declining 50-day Exponential Moving Average (EMA) at $95,111, the 100-day EMA at $100,667, and the 200-day EMA at $102,850 support the bearish outlook.

The Relative Strength Index (RSI) on the daily chart has dropped to 36, indicating increasing bearish momentum. If the Moving Average Convergence Divergence (MACD) indicator on the same chart confirms a sell signal with the blue line crossing below the red signal line, then the downtrend is likely to continue testing support at $85,000.

Traders should temper their bullish expectations until the price of Bitcoin rises above the resistance of the descending trend line and flips the 50-day EMA at $92,112 into support.

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