$BTC Bitcoin's price was rejected from a downtrend line (drawn by connecting several peaks since early October) last week. This trend line coincides with the 61.8% Fibonacci retracement level at $94,253 (drawn from the April low of $74,508 to the all-time high of $126,199 set in October), making it a key resistance zone. As of Monday, BTC is hovering above $89,000.
If BTC continues its pullback, it could move down towards the next key support at $85,569, which aligns with the 78.6% Fibonacci retracement level.
The Relative Strength Index (RSI) on the daily chart is at 44, below its neutral level of 50, indicating slightly bearish momentum. Additionally, the Moving Average Convergence Divergence (MACD) line is converging, and a shift to a bearish crossover would further support bearish prospects.
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