Bitcoin (BTC) recently experienced a significant decline, dropping to $86,500, its lowest since November. This sharp downturn has led to oversold conditions, as indicated by the Relative Strength Index (RSI) on the daily timeframe. Such conditions often precede a potential rebound. However, for a sustained recovery, it's crucial for BTC to reclaim the $93,676 level, which could signal renewed bullish momentum.

As of now, BTC is trading at $84,500, reflecting a 5.04% decrease from the previous close. The intraday high reached $89,277, with a low of $82,464.

Given these developments, the critical question remains: Is this the moment for Bitcoin to bounce back?