December 2

After experiencing a significant drop on the previous trading day, Bitcoin is currently in a technical consolidation phase near a key support area.

Currently, there is a clear "sell high" sentiment at the key resistance level of 92,000-93,000, confirming this area as strong resistance. If the price cannot hold above 86,000, the bearish target will directly point to the support range of 80,400-80,600.

The core task of the bulls is defense. The primary goal is to regain and stabilize the 88,000-89,000 area, converting it into support to prevent the price from sliding further to lower lows. If successful, there is hope for another attack on the resistance area.

Technical Aspects

The price has dropped below the 100-hour moving average and fell back after encountering strong resistance at the 20-day simple moving average during yesterday's rebound. The RSI has entered the oversold zone, which may trigger a technical rebound in the short term. However, indicators like MACD remain in negative territory, indicating that bearish momentum has not yet exhausted.

Against the backdrop of being oversold on the daily level, there is a possibility of a technical rebound in the short term, but the warning signals from the medium-term chart suggest that any rebound may face selling pressure.

December 2 $BTC

Bitcoin: 86,700-87,200, target 86,000-83,400 stop loss 87,700