Bitcoin

Bitcoin Loses Key Support โ€“ Is the Bull Trend in Trouble?

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Bitcoin has fallen sharply, breaking below the $91,000 support level, which previously acted as a major floor for the uptrend. The cryptocurrency is now testing the 200-EMA ($79,897) as it struggles to find buying interest.

๐Ÿ” Technical Breakdown:

๐Ÿ“‰ Major Breakdown โ€“ The loss of $91,000 has turned sentiment bearish.
๐Ÿ“‰ 200-EMA as Last Defense โ€“ Holding above $80,000 is critical to avoid deeper losses.
๐Ÿ“‰ RSI at 29.30 โ€“ Bitcoin is entering oversold territory, suggesting a potential relief bounce.
๐Ÿ“‰ MACD Bearish โ€“ The indicator remains deeply negative, confirming ongoing selling momentum.

๐Ÿ“Œ Key Levels to Watch:

๐Ÿ”น $80,000-$79,000 โ€“ Crucial support zone; a breakdown here could trigger further selling.
๐Ÿ”น $91,000 โ€“ Now resistance; bulls must reclaim this level to restore confidence.
๐Ÿ”น $100,000+ โ€“ Long-term bullish outlook remains intact above this mark.

๐Ÿ’ก Trading Outlook:

๐Ÿ”ป Bearish Case: A sustained break below $80,000 could accelerate downside pressure, targeting $72,500 (61.8% Fib retracement).
๐Ÿ”บ Bullish Case: If Bitcoin holds above the 200-EMA, a relief bounce toward $91,000 is possible, but buyers need to reclaim it to shift momentum.

Bitcoin's long-term trend is still bullish, but the recent breakdown raises concerns about further downside risk. Can bulls defend $80,000, or is this the start of a deeper correction?

-MW

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