Bitcoin (BTC) has tested a key support level at $92K after a slight pullback from its previous high of $101,165.33. Currently priced at approximately $92,527.80, Bitcoin has seen a drop of 2.41% over the last 24 hours, signaling a weakening of momentum in the market.
Bitcoin’s price action has brought it to the lower end of its established $91,000–$101,000 price range. The $91,000 level has served as a critical support zone and has successfully held up in recent tests.
If Bitcoin fails to sustain this support, the next line of defense lies at $87,325.43. A break below $91K could push Bitcoin toward this next support level, where further downward movement could materialize if buying pressure doesn’t return.
Moreover, if Bitcoin holds above $91K, it may consolidate within this range, with traders possibly waiting for a clearer trend direction. If the support at $91K is breached, $87K will likely become the next key level to watch. This level could indicate signs of stability.
The market remains sensitive to support and resistance levels, with $87,325.43 as the next key support below $91,000. If this level fails to hold, Bitcoin could drop further, with additional support zones around $82,000 and $80,289.65.
Bitcoin trading volume and market sentiment
Despite the recent price dip, Bitcoin has seen a surge in trading volume, reaching $55.3 billion in the past 24 hours, up by 188.65%.
This increase in volume highlights heightened market activity, though it comes alongside the price decline, suggesting that traders are reacting to volatility. Bitcoin’s market capitalization is currently $1.83 trillion, reflecting a 2.41% decrease in value. The fully diluted valuation (FDV) stands at $1.94 trillion.
Technical indicators: Bearish sentiment
Technical indicators paint a predominantly bearish picture for Bitcoin in the short term. The Relative Strength Index (RSI) is at 39.87, signaling an oversold condition but not yet at extreme levels.
The technical indicator, the Moving Average Convergence Divergence (MACD) is bearish. It is below the center line, having a value of -176.05 for the MACD line, with the signal line above at -523.86. The negative histogram bars indicate that the downtrend is strengthening, indicating more downside bars in the subsequent days if the support at $91K is broken.
