Will Bulls Defend $93,257 Once More?

Bitcoin has started a fresh decline, approaching the crucial $93,257 support level that has proven to be a battleground for bulls lately. Thus, the question remains whether buyers can regain control and defend this level once more. As uncertainty looms, all eyes are on this critical zone, which could determine whether Bitcoin bounces back or faces a deeper downward trajectory.

With market volatility increasing, this article aims to delve into BTC’s renewed drop toward the $93,257 support level, assessing the likelihood of a bullish defense at this critical point. It examines technical patterns, market sentiment, and key levels to better gauge Bitcoin’s next price direction.

Bitcoin Slides Back Toward $93,257

On the 4-hour chart, BTC exhibits negative sentiment, attempting to drop below the 100-day Simple Moving Average (SMA) as it trends downward, with its sight set at the $93,257 support level. Furthermore, a continued descent to this support suggests that selling pressure is intensifying, and if the support fails to hold, the asset could experience more declines.

Also, an analysis of the 4-hour chart shows that the Relative Strength Index (RSI) is currently at 44%, following a failed attempt to break above the 50% mark. This indicates a struggle to sustain upward momentum and points to moderate bearish pressure, suggesting a cautious market sentiment. If the RSI continues to drop, it may signal heightened selling activity.

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On the daily chart, the crypto giant displays significant downside movement, highlighted by bearish candlesticks after a failed recovery attempt to surge toward its previous high of $99,575. The inability to sustain the previous uptrend implies a lack of buyer confidence and a prevailing pessimistic sentiment in the market. As Bitcoin aims at the $93,257 support level, the pressure from sellers could intensify, raising concerns about the possibility of a breakdown.

Finally, the 1-day RSI indicates growing bearish momentum, with the signal line retreating to 62% from the overbought zone. This means that upside pressure is fading, and a shift in market sentiment may be underway. Given that the…