Bitcoin’s price is currently losing a key level, which could lead to a deeper correction in the coming weeks.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On the daily timeframe, the asset has been rejected from the $100K resistance level twice in the last couple of months. This failure to continue higher has led to a drop toward the $92K support zone, which is now getting broken to the downside.
If this level is lost, a decline toward the $85K area and even a deeper correction toward the $80K zone could be expected.
The 4-Hour Chart
As the 4-hour timeframe suggests, the price is currently attacking the $92K support zone with massive bearish momentum. With the $92K level already holding the price on three occasions in the last few weeks, the level has definitely weakened, and there’s a high probability that the market will drop lower.
The RSI also shows values below 50%, further increasing the likelihood of a deeper correction in the short term.
On-Chain Anal
We współpracy z: https://cryptopotato.com/bitcoin-price-analysis-btc-risks-dropping-to-80k-if-this-support-fails/
