Bitcoin Market Analysis: Levels To Focus On After Pull Back

 Bitcoin Market Analysis: Levels To Focus On After Pull Back

 

Bitcoin (BTC) is currently trading around $89,300 after a sharp drop from recent highs near $96,000. This decline happens as geopolitical tensions rise between the United States and Europe over Greenland. These tensions have created uncertainty in global financial markets and have negatively impacted overall risk sentiment.

BTC Chart (Source TradingView)

Technical Outlook (24H Timeframe

From a technical point of view, Bitcoin’s short-term structure has weakened.

·         EMA50 (24H): BTC has dropped below the 50-period Exponential Moving Average. This average now serves as an important resistance level around $92,400. This indicates a move toward short-term bearish momentum.

·         MACD (24H): The MACD has turned negative. This shows that downside pressure is increasing and bullish momentum is weakening.

·         RSI (24H): The Relative Strength Index is also displaying bearish divergence and negative signals. This suggests that sellers currently dominate the market.

 

Key Support Levels

Bitcoin is approaching a critical technical zone:

·         Primary Support: $86,960. This level is providing strong short-term support. A successful defense here could stabilize price action and allow for a rebound.

·         Secondary Support: $80,000. If $86,960 fails to hold, BTC will likely retest the psychological $80,000 level.

·         Extended Downside Risk: A drop below $80,000 could lead to a deeper correction toward the $75,000 region.

Resistance and Recovery Scenario

For bulls to regain control, Bitcoin needs to reclaim key resistance levels.

·         Immediate Resistance: $92,400 (EMA50 on the 24H chart)

A strong break and close above this level would show a shift in momentum.
This could lead to a relief rally toward, the $95,000 zone initially.

There could be higher levels if bullish volume increases and momentum indicators turn positive.

Conclusion

Bitcoin is facing short-term selling pressure after being rejected around $9,000 and dropped below the EMA50 on the 24H chart. The MACD and RSI are both showing negative signals, putting the market at a crucial decision point.

·         A hold above $86,960 could lead to stabilization and an attempt to recover.

·         A drop below $86,960 raises the risk of a deeper decline toward $80,000 to $75,000.

·         A rise above $92,400 would shift sentiment to bullish and open the way toward $95,000 and beyond.

 Traders should closely watch these levels since geopolitical events and overall sentiment will continue to affect Bitcoin’s short-term direction.

___________________________________________________________________________________

Get Daily Crypto Updates & Trade Signals!

 Join our free Telegram channels for:

✅ Market updates

✅ Spot & Futures signals

Join now: 👇

Telegram:

https://t.me/bwtinternational