$BTC Bitcoin is trading in the range of $87,000, recording a slight decline of between 0.8% and 2.5% over the past 24 hours. The price has repeatedly failed to hold above the psychological and technical resistance level at $90,000, leading to a decline in bullish momentum and the price entering a downward-sloping consolidation phase.
From a technical perspective, analysts indicate that breaking the support level at $87,000 could open the door to testing lower levels around $84,000 or even $81,000, which are important historical support areas. This decline is partly driven by liquidation of high-leverage long positions, with nearly $205 million worth of Bitcoin positions liquidated in a single day, as part of a "Leverage Flush" process aimed at forcing weak speculators out of the market.
