$BTC Risk of Deeper Corrections. . . .

The price of Bitcoin was rejected from the downtrend line (drawn by connecting several peaks since early October) on Friday and has fallen nearly 7% since then, retesting the support level of $85,569 on Monday. However, BTC slightly rebounded on Tuesday after finding support at $85,569. At the time this news was written on Wednesday, BTC was hovering around $86,700.

If BTC continues its correction and closes below $85,569 on a daily basis, which aligns with the 78.6% Fibonacci retracement, it could continue its decline towards the psychological level of $80,000.

The Relative Strength Index (RSI) on the daily chart is at 39, below the neutral level of 50, indicating that bearish momentum is strengthening. Furthermore, the Moving Average Convergence Divergence (MACD) line is converging, and a shift to a bearish crossover would further support the bearish outlook.

If BTC recovers, it could continue to rise towards the 61.8% Fibonacci retracement level at $94,253.

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