CandleFocus

Bitcoin Price Analysis: Bulls Fight for Control as Bears Threaten a Massive Sell-Off

The content summarizes the current trading situation of Bitcoin. Bitcoin is trading at $96,688 with a market capitalization of $1.91 trillion and a 24-hour trading volume of $44.88 billion. Technical indicators suggest consolidation with a bearish bias. The daily chart shows a downtrend, with key support at $89,164 and resistance at $98,000 to $100,000. The 4-hour chart indicates a potential for further downside, with support at $95,000 and resistance at $98,000. The 1-hour chart shows short-term support at $94,805 and the need for Bitcoin to sustain levels above $96,000 for bullish momentum. Moving averages and oscillators reflect the bearish trend, signaling caution. Traders should watch for confirmation of the next directional move. Despite bearish pressure, Bitcoin is holding above key support at $94,000, and if it breaks above $100,000, it could regain bullish dominance. However, the formation of lower highs and indicators suggest continued downside risk, with a potential break below $91,000 triggering further declines.

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