Bitcoin's Battle at $90,000 Sparks Market Fear: What's Next?

Last 24 hours we see BTC touch $90,000 and than it recover back to $94,000. Is it a bad sign for BTC? Let's see what the chart say.

Detailed Technical Analysis:

1. Price Action:

   • Bitcoin tested a significant support level at $90,000, rebounding sharply to the current price of $94,496.23.
   • Recent candles show strong buying pressure after a steep dip, indicating possible short-term recovery.

2. Moving Averages (MA & EMA):

   • The EMA(7) ($93,297.51) has crossed above the price, suggesting a potential bullish shift.
   • The EMA(25) ($94,107.25) aligns closely with the price, indicating consolidation near this level.
   • The EMA(99) ($95,696.75) remains above, acting as resistance in the broader bearish trend.

3. Relative Strength Index (RSI):

   • RSI(6) is at 60.02, showing recovery from oversold conditions but nearing overbought territory.

4. Volume:

   • High buying volume confirms interest in the $90,000 level as a critical support.

5. Trend Outlook:

   • While the rebound from $90,000 reflects strong demand, the trend remains fragile unless Bitcoin surpasses the EMA(99) resistance at $95,696.75.

Conclusion:

Bitcoin's dip to $90,000 has triggered significant market fear. The recovery indicates potential short-term upside, but broader bearish risks persist below $96,000. Stay cautious.