Recent analyses show a continuation of caution and volatility, with a general tendency for sideways movement or slight decline before taking a strong direction.
📉 Technical forecasts and downward momentum
Continuation of downward pressure: Many opinions align with your initial technical analysis, as the price shows a tendency to move in a downward direction or, at best, sideways movement/oscillation.
Critical support and resistance zones:
Nearby resistance: The level of approximately $92,000 is referred to as a rejection area (resistance). If the price continues to reject at this level (as in the chart I sent), this reinforces the bearish scenario.
The level of $90,000: This level is very important. Some analyses indicate that closing below $90,000 (especially on a 4-hour candle) significantly increases the likelihood of returning to deeper support areas.
Upcoming support: The next potential downward target (liquidity accumulation zone) is indicated by some analysts at levels of $88,000 - $86,000.
Moving Averages: Some charts on the daily timeframe indicate that Bitcoin is moving within a downward rhythm, where the main moving averages (like EMA 34 and EMA 89) are above the price and act as dynamic resistance leaning downwards, which reinforces the bearish outlook.
Fundamental Factors
Interest rate cut expectations: The Fed's interest rate cuts remain a key factor. Some believe this expectation has already been priced in, and that any rise may be short-lived (a bullish trap).
Exchange-Traded Funds (ETFs): Some analysts believe that the future price of Bitcoin will primarily depend on the flows and activity of exchange-traded funds.
Volatility: The market remains volatile, and the recent strong price movement below $90,000 has renewed the focus on the importance of key support levels.
Summary of forecasts
Overall, external analyses support the idea of a bearish or sideways negative movement in the near term, especially if Bitcoin fails to break through the resistance level of $92,000 and drops below the strong support at $90,000.
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